THE Housing and Urban Development and Coordinating Council (HUDCC) said there are about 6.5 million housing units in backlog, nationwide, referring to the government’s top priority project on “socialized housing”.
Socialized housing refers to housing programs and projects undertaken primarily by the government and secondarily by the private sector for the underprivileged and homeless citizens, for a long-term financing with liberalized terms on interest payments.
The housing units are within the affordability level of the average and low-income earners which are thirty percent (30%) of the gross family income as determined by the National Economic and Development Authority from time to time.
The Philippine Statistics Authority (PSA)-Davao records say that Davao City has the largest agricultural land converted into industrial-commercial in the region in 2017. With which 34 percent of that converted spaces turns into residential areas like subdivisions and condominiums.
On October 26, 2018, the city government of Davao entered into an agreement with two real estate developers in the city to come up with a joint venture in the implementation of a Socialized Housing also known as Urban Development and Housing Act of 1992.
The 20-hectare project will be constructed in one of the government’s properties in Lasang, where 15 hectares will be developed by the SM Development Corporation (SMDC); and the other five hectares will be developed by Camella Communities through its subsidiary Vista Land.
The P500-million project will be provided with roads, drainage, and other facilities with ready provisions for electricity and water.
This project is timely and a welcome development for the Dabawenyos because this is no longer the kind of a low cost housing four years ago, the typical 18-square meter floor area that amounts P450,000; but a more livable dwelling with 24-square meter floor area for the amount of P480,000.
The interest rate for the new specification of socialized housing loans remains at 3 percent per annum as confirmed by HUDCC Secretary Eduardo Del Rosario. (firstname.lastname@example.org)