Vice President Noli “Kabayan”
de Castro, concurrent chairman of the Housing and Urban Development
Coordinating Council (HUDCC), will lead today (Oct. 24, 2005) the
inaugural ceremonies to signal the formal operation of the Social
Housing Finance Corporation (SHFC), a new housing subsidiary under the
supervision of the HUDCC.
Created pursuant to Executive
Order 272, SHFC is a wholly-owned subsidiary of the National Home
Mortgage Finance Corporation (NHMFC), which will take over NHMFC’s
social housing functions and programs, including the Community Mortgage
Program-the financing facility for home acquisition by the informal
settlers-and the Abot-Kaya Pabahay Fund Program (AKFP).
The creation of SHFC is in
response to the constitutional mandate to make available at affordable
cost, decent housing and basic services to underprivileged and homeless
citizens in urban and resettlement areas.
The creation of SHFC is
likewise deemed necessary in the context of the full conversion of
NHMFC into a Secondary Mortgage Institution (SMMI) as its primary
mandate under Presidential Decree No. 1267.
The SHFC inauguration will
proceed with the blessing of the SHFC offices, located at the Fourth
Floor, Filomena Bldg. III, at 104 Amorsolo St., Legaspi Village,Makati
City, to be capped by the inaugural meeting of the SHFC Board of