Over P1 billion has been released by the national government to fund housing projects for three groups of informal settler families (ISF) residing along danger areas in Metro Manila.
In a statement on Thursday, the Department of Budget and Management (DBM) said it released P1,165,085,751 to the Social Housing Finance Corp. (SHFC).
The fund will cover site development and construction of projects proposed by the Ciudad de Strike Homeowners Association, Inc.-2 in Bacoor, Cavite; the Sandigan ng Maralitang Pilipino (SMP) Homeowners Association, Inc. in San Jose del Monte, Bulacan; and the Malinta Waterways Alliance Housing Cooperative (MWAHC) in Valenzuela City. The housing projects will benefit 3,104 ISF beneficiaries under the High Density Housing (HDH) project of the SHFC.
Of the amount released, P544 million will go to the Ciudad de Strike project, P271 million to the SMP project, and P350 million to the MWAHC project. The DBM said the proposals met all the technical requirements under existing rules and regulations and have hurdled the review and approval process of SHFC’s Accreditation, Credit, and Executive Committees.
It said the funds were charged against the P50 billion ISF Program Fund approved by President Benigno Aquino 3rd in 2011 to clear the flood-prone waterway easements of informal settlements and provide relocation to safer grounds for affected families. Under the program, informal settlers’ groups may submit their people’s proposals for resettlement.
The proposals call for the construction of low-rise to medium-rise housing projects in sites identified by the ISF groups through the financing of SHFC. The beneficiaries will amortize the units or avail of a rent-to-own scheme, the agency explained.
The three ISF beneficiary groups were organized into community associations in order to participate in the program and submit a people’s proposal for their resettlement and shelter needs.
Working as an association, they were able to identify and vet the beneficiaries of the project, as well as undertake community profiling survey, loan documentation, payment of taxes and permits, and project planning and management.
The associations will also be responsible for estate management, which includes collection of payments, maintenance of building, and enforcement of community rules and regulations.