The Project: Build Affordable Homes in Puerto Rico

Objective

Build affordable homes in Puerto Rico.

 

Help satisfy the strong demand for housing in Puerto Rico’s foothills.

 

Contribute to the recovery of the affordable housing inventory in the Municipio de Coamo and South Central Region that were severely affected by Hurricanes Irma and Maria.

 

Location

Coamo, Southern/Central Puerto Rico.

 

The proposed Project is located at the 208 acre Finca Monte Elvira located in the expanding urban ring of the Municipio de Coamo.

 

It is an integral part of a comprehensive plan scheduled for 2018 to build up to 650 affordable homes, 110,000 sft of retail commercial sites (4) with offices and ample parking and lighting.

Design

Affordable 2 Bed/1 Bath Houses.

 

Homes will have 2 bedrooms and 1 bath on a concrete and block structure of approximately 780 habitable square feet plus 400 sft of exterior space on lots of 400-500 square meters.

 

Buyers will receive, at no extra cost, the plans for a future expansion to add an additional bedroom and bathroom. Qualified buyers can upgrade to the 3/2 model.

Coamo, Puerto Rico

Coamo is a municipality founded 1579 in the south-central region of Puerto Rico. Coamo is famous for its thermal springs. They are noted for their healing and therapeutic waters. Long before the Spaniards arrived on the island, the Indians bathed in these waters. According to legend, this was the fountain of youth that the Indians spoke to Ponce de León about which he mistakenly went to search for in Florida.

The town is a manufacturing and trading center for machinery, aircraft radio components, machines, and clothing. The surrounding areas produces corn, mangos, oranges and plantains. Coamo is a service center for the region and a bedroom community for people who work in San Juan and Ponce.

The Study

Corporación Monte Elvira conducted a study to determine the economic and social needs of the city of Coamo. Additionally, the study examined the economic and social impact of the large plot of land located in South West Coamo known as Monte Elvira.

The study confirmed exactly what everybody knew to be true: that the Municipality of Coamo is in need of new and modern facilities to help further growth and provide new jobs and businesses. The city is currently under-resourced in areas of medical facilities, pharmacies, food services, legal services, professional services, and retail stores. The lack of these services forces Coamo residents to take their business and their money outside of the city to satisfy the demand.

Phase 1: 60 Affordable Homes

2 Bed / 1 Bath on Concrete Block Structure
Homes will have 2 bedrooms and 1 bath on a concrete and block structure of approximately 780 habitable square feet plus 400 sft of exterior space on lots of 400-500 square meters. Buyers will receive, at no additional cost, the approved plans for a future expansion to add an additional bedroom and bathroom.

The sale price will be approximately $100,000 including the plans for expansion. This price should allow for federal and local government incentives to project owners and home buyers.

Floorplan is for Illustrative Purposes Only

ENDORSEMENTS

  • Endorsed by the Municipality of Coamo
  • Endorsed by the water, sewer and electrical power agencies
  • Endorsed by the Department of Transportation
  • Endorsed by the Department of Commerce
  • Endorsed by the Departamento de Recursos Naturales
  • Endorsed by the Departamento de Agricultura
  • Army Corps of Engineers – No Permit Required
  • Junta Calidad Ambiental – The Final DIA statement was approved in July, 2013
  • The Puerto Rico Planning Board Approved the Project in February, 2014.

STATISTICS

  • 250,000 Homes were severely impacted by Hurricanes Irma & Maria.
  • 70,000 new homes must be constructed to modern building codes.
  • Puerto Rico has approximately 20,000 reposessed homes, but many need extensive refurbishing or repairs.
  • Out of 2000 Coamo residents interviewed for the study, 93% said Coamo needs more commercial and retail space.
  • Residents of Coamo have approximately 210 million to spend on goods and services.
  • Residents of Coamo spend approximately $133 million on goods and services in Coamo.

New code-compliant homes must be built right away to satisfy the demand in Puerto Rico.

Phase 1 of project Monte Elvira involves the construction of 60 affordable new homes that are code compliant, hurricane resistant and energy efficient. Future phases will add commercial and medical office space as well as additional homes to Coamo's growing urban center.

Investment Opportunities are Available.

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