The Puerto Rico Department of Housing and McCormack Baron Salazar are implementing a trial to see if mixed-income housing is a successful approach to easing Puerto Rico’s housing crisis.
McCormack Baron Salazar is committed to developing 752 units in Puerto Rico. 509 of these units will be designated for households that make less than 40% of the area median income. Another 129 units will be for households making less than 60% of AMI. The remaining units will be rented at market rate. The units will be spread across three developments, with each development including a mix of incomes.
A Wall Street Journal article reports that the developments are finance through the sale of tax credits and a loan from Puerto Rico’s Housing Finance Agency.