In 2011, Law 189 on the Development of the Mortgage Market and Trust in the Dominican Republic was approved, which for 10 years has given a fundamental boost to the construction of low-cost housing, in response to one of the great challenges and debts such as country at a social and economic level: the housing deficit. For the rest, it was and has been a legal framework at the service of new companies, since before 2011 there were about four or five companies dedicated to this area; After the law, more than 60 were operating in housing solutions, according to the Association of Home Builders and Promoters (Acoprovi).
However, it is time to take a new step with the figure of the trust. Despite his invaluable contributions in the field of housing, the opportunity has come to extrapolate the success of the trust to other areas of the economy, which has been assumed with determination and with concrete steps by the government of President Luis Abinader since he took office. in August of last year.
A sample of it has been the PRO-Pedernales trust. For years the promotion of this tourist destination, for the development of the area and the exit from the economic and social marginalization of its community, was in a judicial and political lethargy. All this was left behind with the impulse of the trust through decree 724-20, opening the space for the construction of 10,000 rooms and an airport, whose funds, had it not been for the figure of the trust, would have taken years to capture, and much more to be channeled for the purposes.
The same has been done with trusts such as RD VIAL, FONVIVIENDA and the Educational Credit and Scholarship Administration Trust, the latter to relaunch the system, bring together institutional roles in the educational field, and make the scholarship and loan system for students transparent and efficient. who will pursue undergraduate and graduate university studies.
At the legal level, it is time to evolve. Hence the issuance of Decree 576-21 of September 14, where Luis Abinader instructed the creation of an Advisory Commission, under the coordination of the Legal Consultancy of the Executive Power, “made up of institutions and jurists specialized in public and trust law, which will be aimed at reviewing and drafting a preliminary draft of amendment to law no. 189-11, for the Development of the Mortgage Market and the Trust ”, says the decree.
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