Gov’t acquires lot for socialized housing

CEBU, Philippines - The Social Housing Finance Corporation (SHFC) yesterday made an initial payment for the acquisition of a private lot in Mandaue City as part of socialized housing program of the city government.

SHFC’s senior account specialist Ma. Corina Montilla, assisted by Joel Ejes, turned over P2.205 million to Kathryn Yu and Dindo Suico, official representatives of lot owner Dr. Rogelio Gochoco, who now resides in the U.S.

The amount constitutes one half of the total value of the 3,081-square meter lot, the balance of which will be released after the title is transferred to the name of the organization, Marianville Homeowners Association, Inc. (MHAI), which has 49 member-beneficiaries.

Mayor Jonas Cortes, who witnessed the payment at his office, said this is part of the Community Mortgage Program (CMP), a soft loan program implemented by the Housing, Urban and Development Office (HUDO) with the city government as the mobilizer or facilitator.

Tony Pet Juanico, head of HUDO said 33 CMP projects of the city government benefit 2,618 families of which four have been paid in full, six have reached the halfway mark, while 23 are being processed.

Under the scheme, the SHFC pays the landowner and in turn the beneficiary-homeowners pay SHFC in monthly instalments for a maximum of 25 years.

“This is a dream come true, a blessing from God,” said Renee Mangubat, president of MHAI, adding that by the end of the month each of them will be paying through their organization the P700 monthly amortization.

SHFC, led by its president Ma. Ana Oliveros, helps finance CMP projects.

In Cebu, it aims to accomplish this year projects which will benefit 7, 645 families. (FREEMAN)