The trust will remain in effect until its objective is fulfilled, also establishing a maximum term of 20 years
Taken from Listín Diario
SANTO DOMINGO. – The Chamber of Deputies approved in a single reading a trust agreement for the creation of the National Housing Fund “Fonvivienda Trust”
The contract, signed on August 23, 2021 between the Dominican State and Fiduciaria Reservas SA, will initially be constituted with a contribution of 250 million pesos.
According to the favorable report presented to the chamber, the objective of the contract is "the creation of an independent structure that allows for the correct and transparent channeling and administration of the resources, contributions and donations made to the National Housing Fund, with the objective of consolidating and executing public policies on housing.".
On the other hand, it establishes that the duration of the trust will be valid until its objective is fulfilled, also establishing a maximum term of 20 years.
In that regard, it clarifies that after that period the trust will be extinguished and the "residual trust assets" will be returned to the beneficiary.
