Mandaue needs P17M for housing plan

CEBU, Philippines - The Mandaue City government needs P17 million as revolving fund to finance the acquisition of construction and housing materials of 1,200 beneficiaries of the 6.5-hectare socialized housing site in Barangay Paknaan.

The City Council in last Wednesday's regular session approved a resolution adopting resolution No. 4 series of 2014 implementing Circular No. 11-018, the Revised Guidelines for off-site projects of the Community Mortgage Program from the Social Housing Finance Corporation.

Councilor Diosdado Suico said the said circular detailed the need for the local government units to appropriate revolving funds for the said purpose.

According to Councilor Suico, Corporate Circular No. 11-018 of the Social Housing Finance Corporation was issued to all community mortgage plan borrowers providing updated information regarding the Revised Implementing Guidelines for Off-Site Projects of the Community Mortgage Program.

Suico further said the objectives of Republic Act No. 7279, otherwise known the Urban Development and Housing Act of 1992, are to improve the living conditions of the homeless and underprivileged citizens by providing them affordable financing for them to secure tenure of land they are occupying.

The Mandaue City Board on Socialized Housing is tasked with organizing informal settlers and homeowners association duly accredited by Social Housing Finance Corporation as a community mortgage program mobilizer.

Suico stressed that in order to strengthen the Urban Development and Housing Program of the city, a proposed plan to allow informal settlers for a loan amount be provided first by the concerned local government unit through a revolving fund.

The estimated amount of seed money as revolving fund for the 6.5-hectare socialized housing beneficiaries is P17 million.

"In this particular approach, the city of Mandaue will be acting first as the mortgagor and the beneficiary as the mortgagee before it will be refunded by the Social Housing Finance Corporation," said the City Council resolution.

The 6.5-hectare relocation site is one of the priority projects of Mayor Jonas Cortes. About 1,200 beneficiaries are living or used to live at the city's danger zones. (FREEMAN)