Comunicados de Prensa

La Fortaleza - Housing Department Secretary Ciary Pérez Peña was one of several secretaries and officials from Governor Jennifer González Colón's administration who participated in a press conference for La Fortaleza's "On Record" initiative.

In her press briefing on the island, Pérez Peña provided an update on the progress of the Vivienda Joven program, an initiative led by the Housing Finance Authority (AFV) that continues to transform access to housing for the island's young population.

According to the secretary, "Since its launch, the AFV's Vivienda Joven program has positively impacted citizens, providing guidance, assistance, and pre-qualification to nearly 4,000 people interested in purchasing their first home. After being pre-qualified, these individuals must identify a property to begin the settlement process, which can take between 35 and 55 days depending on the type of mortgage product and whether it is combined with any type of financial assistance."

Currently, 24 institutions are actively participating in the program, including cooperatives, non-depository institutions, and the AFV itself. Another 12 are in the evaluation process, distributed among six cooperatives and six non-depository institutions. Therefore, a steady increase in applications entering the system is expected. An important step forward occurred on June 30th, when the AFV integrated the Youth Housing product into the secondary market, which will allow for the acquisition of loans from cooperatives and non-depository banks certified by the institution.

The official also reported, "Although commercial banks are not currently participating, Banco Popular has expressed interest, as the governor mentioned, and is in active discussions with the AFV to join at any time. This program is aimed at young people between the ages of 21 and 35 who have graduated from an accredited university, technical, or vocational institution in the last five years."

The program's requirements include a maximum mortgage of up to $330,000, with an initial interest rate of 5.00%, and the possibility of combining the product with state or federal subsidies to cover down payments and/or closing costs. In addition, applicants must be employed full-time or under a current formal contract, have a positive credit history (minimum 600 score), and purchase the property as their primary residence.