Hispanic Housing Development Corporation (HHDC) has closed on funding for renovating its Santa Juanita Housing for the Elderly apartment building in Bayamon, Puerto Rico. The eight-story, 100-unit Section 8 property offers one-bedroom units to the elderly and disabled. The renovations are being funded with support from the Puerto Rico Housing Finance Authority (PRHFA), NeighborWorks Capital, Federal Home Loan Bank of New York/Trans-Oceanic Life Insurance Co., FirstBank Puerto Rico and Richman Capital. Santa Juanita is HHDC’s first property in Puerto Rico.
“We are grateful to our financing partners who are supporting our mission as we update Santa Juanita and develop our presence in Puerto Rico,” said Tony Hernandez, president and chief executive officer of HHDC. “We acquired Santa Juanita in March 2020 to preserve affordable rental housing for the elderly in Puerto Rico. The financing we closed on today will fund renovations that will keep this fully leased building for seniors open and available for decades to come.”
The $29 million project, including tax-exempt financing, 4% low-income housing tax credits, HOME and Housing Trust Fund loans, and an Affordable Housing Program grant, will support a broad scope of work, including environmental remediation, safety upgrades, kitchen and bath upgrades, and many other interior improvements.
Improvements to amenities include a new fitness room, community room upgrades, new ADA-compliant parking, and a new gazebo and landscaping. HHDC’s construction partner is MUBA Construction. Work is being performed in a two-move process: residents from the floor being worked on will be moved to another building and then back into their units once the renovations are completed.
