Community Mortgage Program
The Community Mortgage Program is a socialized housing initiative of the Philippine Government. By 2001, 106,273 families had found secure tenure.
Program[edit]
The Community Mortgage Program (CMP) was set up following the People Power Revolution of 1986.[1]: 56–7 It aims to help low-income families who are squatting to find secure tenure by establishing community associations to buy land, to set up infrastructure and to build houses.[1] In 1992, the CMP was taken under the National Shelter Program by Republic Act Number 7279, the Urban Development and Housing Act.[2] Then in 2004, Social Housing Finance Corporation (SHFC) was created through Executive Order Number 272 and the CMP alongside other housing initiatives was moved under its control.[3]
In the 1990s, individual families could get loans to fund housing construction, namely 30,000 pesos for undeveloped land, 45,000 pesos for developed land and 80,000 pesos for a house with lot. The loans were given at 6% interest on a 25-year repayment plan.[1]
Legacy[edit]
The efficiency of the program was challenged by budget cuts and crises in the National Housing Mortgage Finance Corporation.[1]: 59 By 2001, the CMP had helped 106,273 families to set up 854 communities.[1]: 57 The local government of Marikina, in cooperation with the CMP and other organizations, initiated an in-city relocation program for informal settlers in 1993, eventually succeeding to relocate more than 30,000 families by 2006.[4]
References[edit]
- ^ a b c d e Mitlin, Diana; Satterthwaite, David (2004). Empowering squatter citizen: Local government, civil society, and urban poverty reduction. London: Earthscan. ISBN 9781844071012.
- ^ Yuzon, Isagani A. F. (2007). "Community Mortgage Program: A Case Study of the ALCOP Homeowners Association, Inc". Philippine Journal of Labor and Industrial Relations. 27 (1&2).
- ^ "Laws". DHSUD. Department of Human Settlements and Urban Developments. Retrieved 21 December 2020.
- ^ Porio, Emma (2016). "Prosperity and Inequality in Metro Manila: Reflections on Housing the Poor, Climate Risk, and Governance of Cities". Globalization and Democracy in Southeast Asia. Palgrave Macmillan. p. 191. ISBN 978-1-137-57653-8. Retrieved May 12, 2023.