A 30-year abandoned building in Caguas' urban center will be transformed into a model for rescuing unused properties to address the issue of access to affordable housing. A multi-sector alliance between Habitat for Humanity of Puerto Rico, the Caguas Municipality, private companies, and academia will convert the former eyesore into a seven-apartment affordable housing complex. The project aims to benefit low-income families, young couples, and singles who have been paying rent for years.
The apartments will be priced between $70,000 and $130,000 with 0% financing. The $1.5 million project is expected to be completed by April 2028. According to Karla Peña Romero, executive director of Habitat for Humanity Puerto Rico, the project offers families an opportunity to own a home with a healthy payment plan aligned with their financial capacity.
The development comes amid a complex real estate context in Puerto Rico, where the average price of a new residence exceeds $430,000, and a family needs to generate at least $105,000 in annual income to qualify for such housing.