SELLERSVILLE, Pa., April 14, 2004 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM) announced the Housing Authority of the government of Puerto Rico (Autoridad Para El Financiamento De La Vivienda De Puerto Rico) has issued a Letter of Certification for the Company's overall Low Income Housing Project Plan and that it meets the requirements of Law 47 of June 26, 1987, as amended, for Section 124 construction. This Certification is given specifically to this project and is not transferable.
The Company's Section 124 Low Income Housing Project named Brisas del Atlantico, Aguadilla, (Breezes of the Atlantic, Aguadilla) is being implemented by Delta Developers Corporation, a majority owned joint venture between Delta Development Partners, LP and R&F Development and Construction of Puerto Rico. The development will occupy 36 acres and contain approximately 270 single-family homes that will be constructed over a two-year period.
The Letter of Certification has also stated that 75% of the single-family houses will be sold at $80,000, with the remaining 25% not to exceed a selling price of $95,000. Based on these new values, total project revenues are estimated to be about $22.5 million.
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