El Remanso de Paz
El Remanso de Paz is a new construction 50-unit affordable housing community located in Ponce, one of the largest cities in Puerto Rico. The development provides transitional housing for formerly homeless/at-risk individuals within two multi-story buildings. The ground floor within one building houses offices for administration and medical staff, separate exam, file, conference and mail rooms, and office, kitchen and common areas, providing extensive space for the provision of voluntary supportive services personalized for each tenant based on their needs as determined through a comprehensive case management plan.
Total development cost of $8,740,000 includes equity from an investor purchasing low income housing tax credits provided by Puerto Rico Housing Finance Authority, Supportive Housing Program (“SHP”) funds, Federal Home Loan Bank of New York Affordable Housing Program funds, and HOME funds from both Puerto Rico Department of Housing and the Municipality of Ponce. Operating assistance is provided by SHP.