Investment of $ 13.1 million in rehabilitation of Section 8 apartments 2019-02-09 14:00:55

By redaction of Sin Comillas

The company Fernando L. Sumaza & Co. will invest $ 13.1 million in the rehabilitation of the Alturas apartment complex at Monte Verde Apartments, in Vega Alta, for participants of the Section 8 Program Section 8 of the Department of Housing and Urban Development (HUD). in English). The works will generate 52 jobs.

Section 8 Apartments
"In Fernando L. Sumaza & Co. we received with optimism the tax credits received under section 42 of the internal revenue code for low-cost housing and HOME funds that the Housing Financing Authority (AFV) granted us for the rehabilitation of the Alturas de Monte Verde Apartments project, "said Alexandra Domenech, executive vice president of the developer company.

Of the $ 13.1 million that will be invested in the renovation of the project, $ 2.8 million correspond to funds from the HOME Program, $ 7.9 million to federal tax credits (LIHTC) and $ 2.4 correspond to a permanent loan through the Authority for Housing Financing (AFV).

The investor of the project is The Richman Group. West Corporation is in charge of the design and construction of the rehabilitation works.

While the rehabilitation works are being carried out in the houses, the families residing in the project will have at their disposal three trailer home that will have kitchen facilities, bathroom, washing machine, dryer and living room.

Alturas de Monte Verde was built in 1981. The project has 60 apartments distributed in three three-story buildings.