Four LGUs Ink Localized Mortgage Program
The local governments of Talisay, Murcia, Victorias and E.B. Magalona entered into an agreement with the government’s Social Housing Finance Corporation (SHFC) for the Localized Community Mortgage Program (LCMP).
Mayors Eric Saratan, Andrew Montelibano, Francis Frederick Palanca and Vice Mayor Rex Depasucat signed the agreement for Talisay, Murcia, Victorias and E.B. Magalona respectively with SHFC president Ma. Ana Oliveros.
The signing was witnessed by Vice President of the Philippines and Housing and Urban Development Coordinating Council (HUDCC) Chairman Jejomar Binay and Third District Representative Alfredo Abelardo Benitez who is also the representative of the Lower House to the council.
Community Mortgage Program is a financing system that enables legally-organized Informal Settler Families (ISF) of devastated areas or areas for priority development to acquire the land occupied by constituents of the LGU or the land where they will be relocated through the concept of community ownership, with the land primarily mortgaged to SHFC.
HUDCC Undersecretary Celia Alba said the LGUs will be its partner in order for them to deliver housing benefits to their constituents.
The total project cost sharing between SHFC and LGU differs on the category of the LGU. For 1st-4th class cities, the scheme is 75 percent SFHC and 25 percent LGY while for 5th to 6th class cities and municipalities, 90 percent for SFHC and 10 percent LGU.
"As we push for reforms and give our fellow Filipinos secured housing, the participation and cooperation of the local government units are vital to help spread the benefit of the program especially for the poor," Binay said in his message during the signing ceremonies.
Meanwhile, during the ceremonies, SHFC also turned over incentives to six Community Mortgage Program Mobilizers namely, the Bacolod Housing Authority, Helping Underprivileged Metropolitan Area and Neighborhood Evolvement, Inc., the National Housing Authority, Negros Urban Areas Development Foundation Inc., San Sebastian Community Urban Land and Development Foundation, Inc. and the Shelter for Homeless and Economic Development Inc.* (JSC/EAD-PIA6 Negros Occidental)