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Santo Domingo’s Government to use RD$40 billion of pensions… To create housing for Low Income Earners!

The Dominican Republic’s government announced earlier this week they’d take some RD $40 billion from the Pension Fund available for the construction of low-cost housing financed through private banks.

President Danilo Medina was present for the announcement at the Presidential Palace. Activities centered around the reading
of Decree 663-12 that creates the Presidential Commission for the Development of the Mortgage and Trust Market. The commission will be responsible for the implementation of Law 189-11 that regulates the construction of low-cost housing with funds from workers’ pension plans. The nation’s pension funds currently total RD $195 billion, according to Superintendent of Pensions Joaquin Geronimo.

Source: The Bajan Reporter

Category: DR News |

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Last updated October 21, 2016 at 11:57 PM
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