First batch of Community Mortgage Program sites to be awarded by October
According to the SHFC, eight initial CMP sites have been identified, and are targeted to be awarded by October this year: in Ilocos Norte; Ilocos Sur; Iloilo City; Pasig City; Roxas City; Tanay, Rizal; and Valenzuela. A total of 34 sites have been identified for the national scope of the CMP.
'These projects represent not just houses but hope, dignity, and stability for thousands of Filipino families. This move reflects our strong commitment to address the housing needs of the underserved through direct community empowerment,' SHFC president and chief executive officer Federico Laxa said in a statement.
Based on the CMP overview on the SHFC website, the CMP is a people-led housing finance and community development program, which seeks to assist legally organized associations of low-income groups to acquire and develop a tract of land under the concept of community ownership.
Under the program, member-beneficiaries can borrow P400,000 for onsite; P480,000 for horizontal housing; up to P750,000 for vertical housing; and P350,000 for farm lot, and P50,000 for farmer support assistance.
CMP loans bear 6% interest per year, based on the outstanding balance and payable over a maximum period of 25 years in equal monthly amortizations.
According to the SHFC, the revival of the CMP comes with 'key enhancements' to eliminate bottlenecks and accelerate project implementation, such as the provision of an additional credit component dedicated to site upgrading on top of the initial loan for lot acquisition.
'This aims to ensure that CMP communities are no longer considered informal or blighted settlements,' the SHFC said.
'We will be more transformative with our CMP projects to ensure the continuous improvement of the communities we serve,' Laxa said.
Laxa said the SHFC will also collaborate with other agencies to ensure that beneficiaries can access a broader range of services, such as the planned partnership with the Technical Education and Skills Development Authority (TESDA) to provide skills training and capacity-building programs to boost long-term income prospects.
A dedicated task force has also been established to fast-track the evaluation and approval of CMP projects. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
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