At least 36 families from Sampaloc, Manila will soon settle into their new homes after the turnover of units at the Villa Umami Homeowners’ Association Inc., a socialized onsite resettlement project of the Social Housing Finance Corp. (SHFC) for low-income households in the nation’s capital.
Despite the COVID-19 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.
The homeowners’ association thanked the government during the turnover rites held in Barangay 527 last Jan. 28. Built under the agency’s community mortgage program, the three-story building is composed of 12 units per floor, each measuring 35 square meters.
Each family will pay approximately P3,500 per month for a maximum of 30 years.
The housing program is designed to improve the living conditions of underprivileged families through the provision of an affordable financing scheme wherein they could borrow as a community to purchase the land they occupy or would like to relocate to.
The 36 partner-homeowners from Villa Umami are now part of the more than 383,000 families who were provided with secured homes through the CMP.
Since its inception in 1988, the program has released more than P19.1 billion in loan assistance to finance over 3,000 housing projects across the country.