Parañaque City Mayor Eric L. Olivarez today said he has signed a memorandum of agreement (MOA) for the acquisition of a property for P67 million which will be distributed to 282 poor families in Barangay Sto. Niño.
The purchase of the 4,772 square-meter property at 1st Street Village Extension in Barangay Sto. Niño is part of the city government’s socialized housing program to give poor constituents the opportunity to have their own houses and lots.
“This acquisition will benefit 282 families who will pay for their lots in 30 years, for less than P1,000 in monthly installments,” Olivarez said.
The City Council through Vice Mayor Joan Villafuerte also signed the MOA together with the property owner and officials of the 1st Street Village Extension Neighborhood Association.
“After they are awarded the lot titles, the neighborhood association will cease to exist and it will formally become a homeowners’ association,” the mayor said. “This will be the culmination of their dreams to have their own houses and lots.”
The city government, through the Local Housing Development Office and the Urban Mission Areas Development Office, has been acquiring and distributing lots for poor constituents in partnership with the Social Housing Finance Corporation.
The initiative was started during the term of former Parañaque City mayor and now 1st District Rep. Edwin L. Olivarez, the predecessor and older brother of the current mayor.
