SHFC Approves Housing Loan of 2,600 Informal Settler Families - VP Binay
(Targeted News Service Via Acquire Media NewsEdge) MANILA, Philippines, Jan. 10 -- The office of the Vice President of the Philippines issued the following news release:
Some 2,600 informal settler families (ISFs) will soon become bona fide homeowners after the Social Housing Finance Corporation's (SHFC) Board of Directors approved the home loan applications of two community associations, Vice President Jejomar C. Binay said Friday.
Binay said the loan applications of the Dario River Alliance Housing Cooperative (DRAHC) and Alyansang Mamamayan sa Valenzuela at Caloocan Housing Cooperative (AMVCHC) amounting to P1.15 billion will be financed under the High Density Housing (HDH) Program.
"The two projects will be implemented in two phases - Phase 1 for land acquisition and Phase 2 for site development and building construction. The SHFC Board has approved an initial amount of P218.52 million to cover land acquisition," Binay said.
With the approval of the loan, the 1,164 member-families of DRAHC currently living in Barangay Masambong, San Francisco del Monte, San Antonio, Apolonio Samson, and Bahay Toro, all alongside the Dario River in Quezon City will be relocated to a 2.7-hectare site in Barangay Pasong Tamo.
Meanwhile, the 1,440 beneficiaries from AMVCHC will be moved to a 4.2-hectare relocation site at Sitio La Mesa, Barangay Ugong, Valenzuela City. They currently occupy makeshift houses along the Tullahan River in Barangays Gen. T. De Leon, and Ugong, also in Valenzuela City.
Majority of the families are informal income earners.
"Land acquisition is the first step towards providing secure tenure to these families. We shall continue to assist them by providing financing for the construction of their buildings," Binay said.
He said the HDH program is part of President Aquino's P50 billion Housing Program to ensure safe and flood-resilient permanent housing solutions for the ISFs living in danger areas of the National Capital Region, which will be implemented over a five-year period.
"The HDH offers cost effective near-site, in-city, or near-city relocation in high density facilities or multi-storey buildings as an urban development strategy adopting the community-driven approach," he added.
The Vice President is the concurrent chairman of SHFC and the Housing and Urban Development Coordinating Council (HUDCC).
SHFC President Ma. Ana R. Oliveros, meanwhile, said qualified ISF-beneficiaries under the HDH Program shall be accommodated through near site, in-city, or near city buildings with a maximum loan of P450,000 for each member-family payable for a maximum period of 30 years at 4.5 percent interest rate per annum.
"Graduated amortization schedule has been adopted to make the program affordable for the ISFs," Oliveros added.
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