Historic $139.6 million housing for seniors announced

By THE STAR STAFF

With a vision of offering older adults a fulfilling, dignified and safe life, Gov. Jenniffer González Colón unveiled the “Ponce de León #55” residential project on Monday.

Located in San Juan’s Santurce neighborhood and spearheaded by the Public Housing Administration (AVP by its initials in Spanish), the major initiative addresses the urgent need to increase the supply of affordable housing for low- and moderate-income seniors.

The achievement is a direct result of work the governor began during her tenure as resident commissioner in Washington, D.C. While in Congress, she actively secured strategic federal funds for the reconstruction and creation of housing for the most vulnerable populations. As part of those efforts, she introduced the Low-Income Housing Support Act in February 2024 to rectify income disparities affecting Puerto Rico and expand eligibility for local families. Now, as governor, her primary goal is to transform those federal allocations into tangible structures that positively impact the quality of life for our people, she said.

“With this project, we are fulfilling a commitment to facilitate and expand the availability of dignified, safe, and affordable housing for older adults across the island,” the governor stated. “It also demonstrates our mission to put federal funds to work, as this project combines federal recovery funds (CDBG-DR) with tax credits (LIHTC).”

González Colón was joined by San Juan Sen. Nitza Morán; Secretary of Housing Luis Augusto Martínez Román; AFV Executive Director Ricardo Álvarez Barreto; and other officials.

The creation of the complex planned for Santurce represents an investment of $139.6 million. The financial structure combines $80.6 million in CDBG-DR funds earmarked for recovery following Hurricanes Irma and Maria; $44.6 million in Low-Income Housing Tax Credits (LIHTC, 4% category); $10 million from a Public Housing Administration (PHA) Capital Funds loan; $2 million from the Federal Home Loan Bank of New York’s Affordable Housing Program; and $2.5 million in deferred developer fees contributed by Pennrose LLC and the AVP.

Situated on an urban site of SOME 1.67 acres -- bounded by Ponce de León and Manuel Fernández Juncos Avenues and Mayol Street -- Ponce de León #55 will feature a building with six residential levels constructed atop two levels of semi-basement parking, totaling nearly 268,500 square feet of construction. The complex will offer 222 apartments -- comprising 218 one-bedroom units and four two-bedroom units -- as well as 147 parking spaces for residents, individuals with disabilities, visitors and administrative staff. The project stands out for its inclusive and sustainable approach to serving the elderly population, strictly complying with the ADA and the Fair Housing Act. It will feature 28 apartments adapted for limited mobility (12%) and seven for sensory impairments (3%), alongside accessible routes, reachable controls, reinforcements for grab bars, and wheelchair maneuvering space