The Boca Raton-based manufacturer of building materials and systems, which did not disclose terms of the agreement, is working with Salinas Developers Group Inc. on the estimated $340 million construction project.
As part of its commitment, the Boca Raton company will ship by Oct. 18 a patented machine capable of producing in 600,000 masonry blocks each month. Of the total units proposed, the company agreed to produce enough blocks for 500 units, or 10% of the project, at cost for the Puerto Rico Housing Department.
The agency plans to subsidize individuals incapable of qualifying for government-backed mortgages.
The housing department has a list of 1,500 individuals pre-approved for government mortgages. Besides its involvement in the Salinas partnership, the Puerto Rico Housing Ministry has asked Eagle Building to present a proposal for the construction of another 55,000 additional units.
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