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FirstBank promotes affordable housing for seniors in Bayamón
The institution supports the rehabilitation of Santa Juanita Housing for the Elderly as part of its commitment to sustainable development and community transformation in Puerto Rico..
Omar A. Figueroa Vázquez, Deputy Secretary of the Department of Housing; Ricardo Álvarez Barreto, Executive Director of the Housing Finance Authority (AFV); Héctor Albertorio Blondet, Administrator of the city of Bayamón; Sonia Morales Delgado, Deputy Director of the AFV; Tony R. Hernández, President/CEO of HHDC; Carlos R. Navarro, Senior Vice President of Construction Loans under Corporate Banking at FirstBank; Luis Muñiz, President of MUBA Construction Corp.; and Javier E. Trogolo Irizarry, Assistant Executive Director of Multifamily Projects at the AFV.
Access to affordable and safe housing is an essential component for the well-being of communities and the sustainable economic development of Puerto Rico. In this regard, FirstBank reaffirms its commitment to community transformation through its participation in the rehabilitation of the Santa Juanita Housing for the Elderly project, an affordable housing facility for seniors located in the municipality of Bayamón, developed by Hispanic Housing Development Corporation (HHDC), an organization dedicated to the development and preservation of affordable housing for vulnerable communities in Puerto Rico, with a particular focus on seniors.
As part of this initiative, FirstBank granted an interim construction loan1 of $14 million, under the structure of the Low-Income Housing Tax Credits (LIHTC) program at 4%, in collaboration with the Puerto Rico Housing Finance Authority (AFV).
The rehabilitation of Santa Juanita Housing for the Elderly includes significant improvements to the building’s infrastructure, with an emphasis on safety, energy efficiency, and sustainability. Upgrades include modernization of kitchens and bathrooms, installation of hurricane-resistant windows and doors, efficient water heating systems, enhanced security features, and the incorporation of water-saving elements.
Additionally, the project includes upgrades to common areas, such as access control, activity room, gym, recreational areas, laundry, and parking that complies with the Americans with Disabilities Act (ADA), promoting a safer, more accessible, and functional environment for residents.
Representatives from the Department of Housing, the Housing Finance Authority (AFV), HHDC, FirstBank, and the project team during the visit to Santa Juanita Housing for the Elderly, an initiative supported by financing that advances its rehabilitation and generates community impact.
“At FirstBank, we firmly believe in the social and economic value of projects like Santa Juanita Housing for the Elderly, which not only improve the quality of life for our seniors but also promote community revitalization through the development of affordable and sustainable housing. We are proud to be part of this initiative alongside the AFV and HHDC, providing financing that drives the rehabilitation of affordable housing and sustainable development in Puerto Rico,” said Michael McDonald, executive vice president and head of FirstBank’s Business Group.
FirstBank’s participation in this project is part of its vision to serve as a strategic partner in initiatives that generate social and economic impact, supporting the development of resilient communities and strengthening access to dignified housing for vulnerable populations in Puerto Rico.
To learn more about this and other business support initiatives, follow FirstBank on Facebook, Instagram, and LinkedIn.
FirstBank is a Member of the FDIC. 1Commercial credit products are subject to credit approval. Certain restrictions apply.
The contents in this section are provided for informational and educational purposes only and do not apply to all types of situations. The contents should not be construed as any type of advice or suggestion to take (or refrain from taking) any particular action, as it does not include or take into account all factors that may be relevant to your individual needs.