The Puerto Rico Housing Finance Authority (PRHFA) has awarded management of the Santa Juanita Housing For The Elderly development to the Hispanic Housing Development Corporation. The HOME funds grant, totally $14,968,561, is made in accordance with guidelines and regulations of the U.S. Department of Housing and Urban Development (HUD).
“We are honored to be working with PRHFA and manage this important property,” said Paul Roldan, Hispanic Housing Development Corporation president and CEO.
Located in Bayamon Puerto Rico, the facility has 100 units on 8 floors. On March 12, 2020, an affiliate of Hispanic Housing acquired Santa Juanita Housing for the Elderly for a cost of $4,000,000. The acquisition was financed with a $4,360,000 first mortgage loan from NeighborWorks Capital, which funded a portion of the acquisition costs plus a large replacement reserve, to cover the costs of any necessary improvements or repairs to the property. Bayamon is the third largest city in Puerto Rico and a part of the San Juan-Carolina-Caguas Metropolitan Statistical Area. This acquisition is the first for Hispanic Housing outside of Chicago and its surrounding states, and is the first step in an expanded redevelopment effort in Puerto Rico.
