Brand New Housing for Seniors in Utuado
Low-income seniors from the central mountain town of Utuado are enjoying brand new affordable, eco-friendly housing.
The ribbon cutting ceremony recently took place to celebrate that 32 seniors with wide smiles moved into the property developed by Pathstone CDC de Puerto Rico. They are now enjoying comfortable apartments, community room, laundry, supportive services and its convenient location, since Valle Dorado is near stores and government offices.
Total cost for the project was $6.5 million, of which HUD provided financing of $5.3 million from the Supportive Housing for the Elderly Capital Advance program, $500,000 in HOME program funds administered by the Puerto Rico Housing Finance Authority and it has a rental assistance contract. Property owners obtained additional funds from the Federal Home Loan Bank, Banco Popular de Puerto Rico, FIDEVI and PathStone Corporation. The construction phase generated over 100 jobs.
The new elderly development was welcomed in the community. A market study performed prior to construction indicated that 40 percent of Utuado households have a member who is over 65 and 46 percent live under poverty levels.
HUD Field Office Director Efraín Maldonado indicated HUD wanted to serve this area of the island to stimulate local economy. "HUD's support increases affordable housing for seniors of low income. Our efforts continue to strength the quality of life of Puerto Ricans and brings opportunities to those who need it the most," said Maldonado.
|Content Archived: January 16, 2018|