VP NOLI TO INAUGURATE SOCIAL HOUSING AGENCY

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 Directors.