Housing project for 960 Cagayan de Oro families breaks ground
Published on 11 February 2021
Social Housing Finance Corporation (SHFC) and the local government of Cagayan de Oro City broke ground on a socialized housing project that will provide decent, resilient, and affordable homes to 960 families in Barangay Balubal on February 3. The ceremony, which signaled the construction of 40 two-story buildings, was led by SHFC President Atty. Arnolfo Ricardo Cabling and Mayor Oscar Moreno.
SHFC will finance the construction of the more than P500-million project through its flagship housing initiative, the Community Mortgage Program. The loan by members of the Balubal Heights Subdivision Federation Homeowners’ Association, Inc. is payable in 30 years with an interest rate of 2 to 4.5 percent per annum, depending on the family’s monthly income.
The project is the fruition of a memorandum of agreement signed by SHFC, the Cagayan de Oro city government, the Housing and Land Use Regulatory Board, Vista Land, and Bria Homes in March 2019. Vista Land and Bria Homes are undertaking the site development in compliance with Republic Act 10884 or the Balanced Housing Program Amendment Act, which requires subdivision developers to build socialized housing equivalent to at least 15 percent of their total subdivision area or total cost and at least 5 percent of a condominium area of the project cost.
In the light of the pandemic, SHFC continues with the provision of adequate housing, which has become even more crucial now given that viruses spread fast in congested informal settlements. To date, it has provided secured homes to about 420,000 families through more than P24.4 billion in loan assistance.
SHFC is the lead agency assisting underprivileged communities in securing land tenure through shelter financing and development solutions by Building Adequate, Livable, Affordable, and Inclusive (BALAI) Filipino communities. For more info, call (+632) 7750-6337 or visit www.facebook.com/shfcph.