The Department of Budget and Management (DBM) released P1 billion in fresh funds to Social Housing Finance Corp. (SHFC) to cover housing loans and relocation costs of squatter families.
In a statement, the DBM said that the fund handed to SHFC is part of “the government’s community mortgage financing initiative” which is the allocation for 2013 under the General Appropriations Act.
“Now that we’re in the middle of the rainy season, it’s even more important to inject funds into programs that will enhance our pre-disaster management initiatives,” Budget Secretary Florencio “Butch” Abad said
“Besides relocating poor families—particularly those in flood-prone or high-risk areas—this fund release will also allow SHFC to give poor families the opportunity to secure their own property,” he added.
The fund will include loans for SHFC’s 175 project for their general mortgage program (GMP), as well as seen to “benefit 19,953 poor households and ISFs nationwide.”
SHFC, a subsidiary of the National Home Mortgage Finance Corp., will provide housing projects and land tenure assistance for ISFs and marginalized families through GMP. Families qualified to benefit from GMP will be given “loans to finance the acquisition of lands which they are currently occupying or where they have been resettled.”
Last year, SFC allotted a total loan budget P549 million for the 100 projects that benefitted some 9,287 ISFs.