SHFC marks 16th anniversary with breakthrough accomplishments

Credit to Author: The Manila Times| Date: Fri, 31 Jan 2020 18:42:31 +0000

The Social Housing Finance Corporation (SHFC), the lead government agency mandated to undertake socialized housing for low-income earners, is celebrating its 16th anniversary by launching new schemes that will help more poor families realize their dreams of owning a home.

The Community Mortgage Program (CMP), SHFC’s flagship program, has benefited more than 350,000 families through over P16 billion in loan assistance since its inception in 1988. In 2019 alone, the agency recorded the highest takeout ever by assisting a total of 32,797 partner-homeowners through housing loans amounting to P2.48 billion. This number of partner-homeowners is twice that of the previous year and nearly thrice that of 2017.

Meanwhile, SHFC’s collections reached P1.11 billion in 2019, up 8 percent from the year prior. The agency’s current collection efficiency rating of 72.03 percent is significantly higher than the 69.05 percent it posted in 2018. These achievements can be attributed to the decentralized approach of SHFC, which saw the opening of several branches nationwide, and to its strategy of working closely with local governments.

This year, SHFC expects to assist more low-income families own their homes because starting January, the agency is adopting reduced or socialized interest rates for full package availment of loans under the CMP. A full package consists of a loan for lot acquisition, site development, and house construction. The socialized rates will ease the constraints that low-income CMP borrowers face when paying their monthly amortization.

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