System of Private Contributions develops project of social interest
García & Bodán participated in a novel project in Honduras, which will be implemented in the future by the Private Contribution Regime (RAP, by its acronyms in Spanish). The RAP is the largest private financial institution of social interest in Honduras that manages resources of a private nature, provides support, benefits, and financial services to its affiliates. The social objective of RAP is to collect and manage worker-employer contributions from private companies and independent workers, to provide its members with financial products and services that contribute to improving their quality of life and socioeconomic status.
Consistent with its objective, the RAP is evaluating the possibility of setting up a portfolio management trust, under which a pilot financing program will be managed, so that affiliates with an income range of up to four (4) minimum wages can acquire a home through a lease-purchase option.
García & Bodán provided its legal expertise in the area of trusts, through the participation of partners Vanessa Oquelí, Godofredo Siercke and Ricardo Duarte, in the review and adaptation of the Trust Agreement, the Operating Regulations of the Technical Committee of the Housing Finance Portfolio Management Trust between the Private Contribution Regime and the Trustee, as well as in the review and adaptation of the Lease Agreement of a Real Estate Property with Option to Purchase. Additionally, the lawyers of García & Bodán have held multiple conferences to explain and guide the directors of the RAP in the implementation and operation of the project from the legal perspective.