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HDMF offers group loan housing program to LGUs

PIA Press Release
Sunday, September 18, 2011
by Merlito G. Edale, Jr.

TUGUEGARAO CITY, Cagayan, September 18 (PIA) -- The Home Development Mutual Fund (HDMF), also known as the Pag-Ibig Fund, is offering its new program on group housing loan to local government units in the country.

The Pag-Ibig Group Housing Loan Program (GHLP) intends to help LGUs in the development and implementation of housing projects to be availed of by its employees and constituents.

During its promotions campaign to the GHLP held in this city, Housing and Urban Development Coordinating Council chairman (HUDCC) and Vice President Jejomar Binay said he wants all local government units in the country to avail the program so that LGUs’ housing project will be realized through the help of Pag-Ibig.

Under the program, LGUs will be given access to development loan for site development and house construction where the units to be financed will be offered for sale to residents.

LGUs can borrow a maximum amount of P20 million per phase for horizontal development while P40 million for vertical development with collateral either an Original Certificate of Title (OCT0 or Tranfer Certificate of title (TCT) where the housing project will be constructed under the name of LGU.

Binay urged LGUs to avail of the program of the housing agency especially local government units with pressing needs of constructing housing projects for their needy constituents.

The Vice President is making rounds of promotional campaign on the program to encourage LGUs to avail of the Pag-Ibig’s new program .

Binay was designated by President Benigno C. Aquino III to head the HUDCC that is implementing the housing programs and projects of the government.

Under the HUDCC are the Housing and Land Use Regulatory Board (HLURB), Home Development Mutual Fund (HDMF or Pag-Ibig Fund), Social Housing Finance Corporation (SHFC), National Housing Authority (NHA), Home Guaranty Corporation (HGC) and National Mortgage Finance Corporation (NHMFC). #TCB/MGE/PIA- Isabela
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