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FHLB of New York Awards Loan to Valle Dorado Project in Puerto Rico

February 1, 2014

FHLBNY LogoDoral Bank, a member of the Federal Home Loan Bank of New York, submitted an application to the Bank for funding for a project which will create 32 affordable residences for very low-income seniors in Puerto Rico. The FHLB of New York granted the loan to the project.

Pathstone, Inc was awarded $400,000 to help finance what will be known as the Valle Dorado project. The funding will be used to build a five-story apartment building which will have 32 separate apartments. The building will be located in Utuado, Puerto Rico, a rural section of the island, and will only offer one-bedroom units, with two of them fully accessible for handicapped individuals. Additional financing will come from the US Department of Housing and Urban Development and the Housing and Human Development Trust Fund of Puerto Rico.

“We are very satisfied that the application that we submitted for the funding was accepted. Doral Bank is always committed to supporting our communities, especially low and moderate income. By partnering with PathStone, a reputable community organization who has dedicated his time on helping the community by providing housing needs much needed, we are able to provide safe and secure housing for adults over 32 low-income residents in a rural area of PR” said José A. Rivera-Urrutia, CRA Manager at Doral Bank.

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