The Monte Elvira development project offers developers an exceptional opportunity to build affordable housing that qualify for the CBDG-DR and “R3” programs approved by the US Congress and the Commonwealth of Puerto Rico, respectively. Using federal funds, the PR Department of Housing will buy the Monte Elvira homes for distribution to homeowners that were severely impacted by Hurricanes Irma and Maria. The project has received the required permits, including environmental impact, Planning Board and local agencies, and is endorsed by the Municipality of Coamo.
Project Monte Elvira is a mixed residential/commercial development to be built on approximately 150 acres located in the urban area Coamo, Puerto Rico, 1:15 hours from the capital San Juan, Puerto Rico, a US Territory in the Caribbean. The project was designed as part of the Municipal Land Use Plan, and thus has access to electrical, water and sewer lines on or adjacent to the land. Also adjacent are a community hospital, the Municipal Convention Center and sports parks, the elementary school and Walgreens. The aerial photo confirms the prime location of the property.
Monte Elvira was approved for 640 single and multi-family homes and 110,000 ft² of light retail and professional space. Homes offer living areas of 1000 ft² - 1200 ft² priced from $150,000 (2b-2b) to $180,000 (4b-3b). They are designed to withstand HWVZ (high velocity hurricane zone) and earthquakes.
