Joseph Fuentes-Fernandez is an entrepreneur and business executive that has close to 4 decades of financial management experience in both the public and private sectors. As an investor, Joseph Fuentes-Fernandez not only developed, but was instrumental in seeking additional investors for the purchase of land and funding of a housing project for people in need in Puerto Rico. His experience was also was crucial for obtaining planning board approvals and overseeing the project. In the following article, Mr. Fuentes discusses his labor of love, Monte Elvira – the housing project for those affected by hurricanes in Puerto Rico.
Monte Elvira is Joseph Fuentes-Fernandez's labor of love, dedication, and passion for the area and its culture. For four years (from 2018 to 2022), he has been developing the affordable housing project in
Coamo, Puerto Rico, complete with 950 family units for around 3,000 people. And now is the time for construction to begin.
Just a short, five-minute car journey away from the center of Coamo, this affordable home collection will satisfy the housing crisis created by the destruction of over
250,000 homes by Hurricanes Maria and Irma.
Joseph Fuentes-Fernandez — The Brains Behind Monte Elvira
A whopping 307,000 homes were identified with moderate damage, major damage, or as destroyed in Puerto Rico, and Joseph Fuentes-Fernandez knew this all too well when he began developing the Monte Elvira Project.
Although only now beginning construction, the plan has been in the works since 2018.
Located a mere five minutes from the center of Coamo, the soon-to-be affordable, secure and modern residential complex will boast panoramic views of the surrounding area and easy accessibility from the roads PR 52 and PR 14.
Due to the evident need for urbanization and residential accommodation in the area, Monte Elvira has been endorsed by:
- the Municipality of Coamo
- all local water, electrical, and sewer agencies
- the Departamento de Recursos Naturales
- Army Corps of Engineers
- the Puerto Rico Planning Board; and
Accessibility and Affordability Take Precedence
Since the project's main objective is to build homes to satisfy the high demand in the foothills of Puerto Rico, Joseph Fuentes-Fernandez made accessibility and affordability the priorities.
Affordability at its Finest
Joseph Fuentes-Fernandez says that Monte Elvira will host up to 950 single family units showcasing ¾ rooms and two bathrooms. But while the description sounds pricey, potential buyers can procure these wallet-friendly homes for as little as $185,000.
The complex will also feature a community center to serve all residents' needs, alongside a park for everyone to feel welcome and get some much-required fresh air.
Coamo's Center Isn't Far Away
In a car, those living at Monte Elvira can expect to get to the center of Coamo in five minutes.
This south-central municipal region of Puerto Rico was founded in 1579 and is known for its thermal springs. The therapeutic, healing waters were used by the Indians long before the Spaniards discovered the island explains Joseph Fuentes-Fernandez.
As legend would have it, this is the fountain of youth the Indians told Ponce de León about. And in a terrible bout of misunderstanding, when to search for it in Florida!
Coamo is a trading and manufacturing town for aircraft radio mechanisms, machinery, and clothing, while the surrounding areas grow mangos, oranges, corn, and plantains.
Amenities Nearby to Serve Families of All Shapes and Sizes
Joseph Fuentes-Fernandez seems to have thought of everything — by situating the new residential complex in this area, he's ensured everybody has access to anything they need. Monte Elvira residents can find everything their heart desires: schools, supermarkets, drugstores, sports complexes, golf courses, aquatic parks, or emergency rooms.
Monte Elvira Homes: Perfect Spaces to Make Everlasting Memories
As construction begins, future residents can get a feel for the homes thanks to the floor plans and square footage available online:
- Model A — Boasting three bedrooms and two bathrooms, Model A homes come with an additional laundry room, front porch, and rear terrace.
- Model B — Without the back terrace, Model B is slightly smaller than Model A at 1085sq.ft.
- Model C — The final Model showcases four bedrooms, a laundry room, and a front porch.
Project Monte Elvira Satisfies the Housing Demand in Puerto Rico
Joseph Fuentes-Fernandez's Monte Elvira project begins construction soon, ensuring a myriad of code-compliant homes to satisfy the high housing demand in the area.
All residential buildings erected will meet Housing Quality Standards (HQS) and R3 Program criteria, including:
- The property's placement is outside risk areas, such as major water channels, the 100-year alluvial plain, and high-risk coastal areas.
- The property meets local, state, and federal environmental standards.
- Joseph Fuentes-Fernandez explains that each property meets the minimum number of rooms necessary to house an applicant's family, as set out in the R3 Program's guidelines.
- The house price won't exceed fair market value as determined by appraisals.
- The cost will not extend beyond the Voucher issued by the R3 program to the potential buyer.
As Phase 1 of Monte Elvira begins construction, the region can look forward to brand-new affordable homes and rekindle hope for the area's future says Joseph Fuentes-Fernandez.
Additional phases will see medical and commercial spaces (and even more homes) make their way into Coamo's ever-expanding urban quarter.
