FirstBank is providing $75 million in financing for the construction of Valley Village – a new residential complex in Santa Isabel consisting of 292 multi-family housing rental units for low-income families. The project financed by FirstBank marks an important step in integrating environmental sustainability with affordable housing development by incorporating the use of materials and technology that reduce energy consumption, along wtih systems for water harvesting and conservation. 

“At FirstBank, we believe in promoting projects that add real value to the island’s economy while supporting Puerto Rico’s families and promoting sustainable development. We’re proud to support initiatives like Valley Village, which is an example of thoughtful planning that combines affordable housing with eco-friendly solutions that generate savings and the long-term well-being of our communities. With this, we’re reiterating our commitment to continue supporting the construction industry, which is a very important engine in our island’s economy,” said Michael McDonald, Executive Vice President and Business Director at FirstBank.

Valley Village, which will soon begin construction, will consist of 212 three-bedroom/2-bathroom units, and 80 two-bedroom/1-bathroom units. The units will have specific features to address sustainability requirements, including high-efficiency electrical equipment, water conservation systems, and solar panels. The residential complex will also have amenities such as a swimming pool, community center with a computer room, basketball and soccer courts, a laundromat, gym area, and passive and children’s parks.

Financing for the project’s construction was obtained in part through a Section 42 Low Income Housing Tax Credit (LIHTC), as well as federal construction funds (CBDG-DR). Valley Village housing rentals also qualify for various rental subsidy programs under U.S. Department of Housing and Urban Development (HUD) income requirements for “affordable housing,” administered by the Puerto Rico Department of Housing. The HUD Section 8 Housing Voucher Program will be accepted as well.

The project’s development will be led by the García-Solá family – housing developers with a track record of more than 50 years through the García Development Group, which is known for its ability to offer safe communities and quality homes with ample recreational facilities, something uncommon in affordable housing developments. The company’s main objective is to provide homes with innovative and highly efficient technology. 

For information about the products and services offered by FirstBank’s Construction, Corporate and Commercial Departments, call 787.729-8005. To qualify for housing at Valley Village, contact the developer at 787.758.6415.

FirstBank is a member FDIC.