Funds for construction approved

[NewsWhore]

The Chamber of Deputies passed the final reading on the Mortgage Market Development and Trust Bill (Proyecto de Ley para el Desarrollo del Mercado Hipotecario y el Fideicomiso) that is expected to inject new funds into the construction industry in the Dominican Republic. The regulatory framework would allow the use of pension funds for construction of homes that would cost RD$2 million on the market. As of 31 March 2011, the pension funds were RD$127.7 billion.

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