Affordable housing continues to be a central focus in the Philippines, particularly for informal settler families. Addressing this issue is the Social Housing Finance Corporation (SHFC) through its primary initiative, the Community Mortgage Program (CMP). This unique program aims to assist communities of informal settlers to purchase and develop land under a collective ownership model. This article explores the workings, benefits, and impact of SHFC’s CMP.
The SHFC and the CMP: Affordable Housing for Informal Settlers
The Social Housing Finance Corporation (SHFC) is a government agency that was established in 2005 to deliver affordable shelter solutions to informal settler families. Its flagship initiative, the Community Mortgage Program (CMP), helps communities secure residential lands, improve their homes, and develop necessary amenities.
The CMP is a unique program that functions under a community ownership model. This means that the land and the homes built on it are owned by the community as a whole, rather than by individual families. This model promotes a sense of unity and collective responsibility among the beneficiaries, and it helps to ensure that the homes are well-maintained and sustainable.
The CMP has been a successful program in helping informal settler families achieve their dream of owning a home. Since its inception, the program has helped over 100,000 families secure their land and improve their homes. The CMP is a model for affordable housing programs around the world, and it is helping to make a real difference in the lives of informal settler families in the Philippines.
The Community Ownership Model: A New Approach to Affordable Housing
The Community Mortgage Program (CMP) is a unique affordable housing program in the Philippines that uses a community ownership model. This model allows legally organized groups of informal settlers to collectively own and manage their housing projects.
The CMP is a departure from traditional individual ownership, which can lead to problems such as absentee landlords and neglected properties. By giving communities ownership of their land and homes, the CMP fosters a sense of community and collective responsibility. This leads to better maintenance of properties, as well as increased social cohesion and economic opportunities.
To participate in the CMP, beneficiary groups must first be legally organized and registered with the Home Insurance Guarantee Corporation (HGIC). Once registered, groups can apply for a loan to purchase a plot of land for their housing project. The CMP also provides technical assistance to groups in preparing their community development plans.
The CMP is a successful model for affordable housing that has helped thousands of informal settler families in the Philippines. It is a model that can be replicated in other countries to address the global housing crisis.
The Impact and Benefits of the CMP
The Community Mortgage Program (CMP) has had a significant impact on housing accessibility in the Philippines. By making land ownership affordable and accessible, it has allowed thousands of families to escape the uncertainty of informal settlements and achieve the dream of homeownership.
The CMP’s community ownership model is key to its success. This model not only provides housing security but also fosters a sense of unity and cooperation among the members of the community. As they work together to manage their communities, they build stronger relationships and develop skills that benefit their communal living.
The CMP also encourages beneficiary communities to become self-reliant and sustainable. They are encouraged to devise livelihood programs and to maintain their facilities, instilling a sense of pride and ownership among the residents.
As a result of the CMP, thousands of families in the Philippines have been able to improve their quality of life. They have moved from informal settlements to secure and sustainable housing, and they have built stronger communities. The CMP is a model for affordable housing programs around the world, and it is making a real difference in the lives of people in the Philippines.
Check the SHFC Website to see the requirements and how your community can apply for the Community Mortgage Program.
The Community Mortgage Program of the Social Housing Finance Corporation represents a pioneering approach to social housing in the Philippines. By championing community ownership and self-reliance, it empowers informal settler families to take control of their housing situation. As it continues to innovate and evolve, the CMP stands as a beacon of hope for thousands of Filipino families still seeking the security and dignity of affordable home ownership.
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