BACOLOD CITY – The city government here has partnered with the state-owned Social Housing Finance Corp. (SHFC) to develop a PHP185.6-million housing project for a group of City Hall employees on a 5.4-hectare property in Barangay Felisa.
In a statement on Wednesday, Mayor Evelio Leonardia said he signed a memorandum of understanding with SHFC, represented by its staff Kara Cuarom, in rites at the Government Center on June 29.
“The signing marks the realization of the project for the 320 beneficiaries,” he added.
To be developed under the agency’s Community Mortgage Program (CMP), the project will benefit the city government personnel who formed an association registered as the Bacolod City Government Employees Homeowners Association Inc. with the Department of Human Settlements and Urban Development-Western Visayas.
Under the CMP, which is a people-led housing finance and community development initiative, the SHFC will finance the lot acquisition, site development, and house construction of sustainable socialized housing units in a total full package loan.
The SHFC assists legally organized associations of low-income groups to acquire and develop a tract of land under the concept of community ownership.
It is the lead government agency tasked to undertake financing of social housing programs that caters to the formal and informal sectors in the low-income bracket and takes charge of developing and administering social housing program schemes. (PNA)