| LOT ACQUISITION
|1. Baguio City
||6. Angeles City
||11. Olongapo City
||16. Puerto Princesa
|2. Lucena City
||7. Bacolod City
||12. Iloilo City
|3. Cebu City
||8. Mandaue City
||13. Zamboanga City
|4. Butuan City
||9. Davao City
||14. Gen. Santos City
|5. Iligan City
||10. Cagayan De Oro City
||15. Metro Manila
Rate: 6% per annum
Maximum Term: 25 years payable in equal monthly payments
Loan Repayment: one (1) month after the release of the loan proceeds
Remittance of montly payments: CA shall collect the share of its members in the monthly amortization and remit the same to SHFC or to its accredited collecting bank (Landbank)
Defaulting members: CA shall find a substitute member who shall assume the obligation of the defaulting member
LGU BENEFITS FROM THE LCMP
The partner-LGU shall be entitled to 1/6 of actual amount of interest collected from the CA monthly loan amortization as incentive for collection services rendered if CER of the project reaches 90-100% rating,provided further that they have assisted SHFC in its collection campaign. The 1/6 interest incentive shall however be released only after the issuance of post-audit clearances from SHFC.
SECURITY FOR THE OCL/CA LOAN
The partner-LGU shall put up a refundable cash deposit to SHFC equivalent to six (6) months amortization of the CA loan as a performance warranty to cover the projects enrolled under the OCL to be paid prior to issuance of LOG.
The Community Association, on the other hand, with the assistance of the partner-LGU shall be responsible for the payment of advance payment equivalent to three (3) months amortization of the Community Association loan to be paid prior to loan release. This payment maybe applied to the CA loan in case of default.
Should you have additional questions on the LCMP, you may call our LCMP Dept. at tel. no. 7506337 local 120 or visit their office at 5th Floor, BDO Plaza Bldg., 8737 Paseo de Roxas, Salcedo Village, Makati City.
DOCUMENTARY REQUIREMENTS FOR ACCREDITATION OF ELIGIBLE PARTNER CITIES/MUNICIPALITIES
ØFilled up Pro-forma Application Form;
ØAn update inventory of local housing backlog;
ØMunicipal/City Council Resolution for the creation of a Local Housing Board (LHB) with equitable multi sectoral representation that must have a NGO/PO representative involved in housing and urban development;
ØMunicipal/City Council approved organizational structure and personnel complement of the unit/department in-charge of socialized housing or other housing programs;
ØMunicipal/City council Resolution authorizing the Local Chief Executive to make a refundable cash deposit equivalent to six (6) months amortization of CA loan in favor of SHFC as performance warranty for the project/s to be enrolled under the OCL as well as authorizing the said Local Chief Executive to sign, negotiate and transact with SHFC and other LCMP partners to fully operationalize and implement LCMP in the locality;
ØMunicipal/City Resolution specifying the list of priority projects together with its respective funding allocations;
ØProject Profile of projects to be enrolled including:
1.Appraisal Report; and
2.Masterlist of Beneficiaries.
ØMunicipal/City approved Ordinance indicating the procedure and criteria for accreditation of CMP Mobilizers.
If available, the following documents shall also be submitted:
ØAn updated Comprehensive Land Use Plan (CLUP) and Comprehensive Shelter Plan (CSP) approved by their respective LHB;
ØMunicipal/City Council ratified annual Investment Plan (AIP) indicating the prioritized LCMP project/s for the year and the approved regular budget allocation for housing; and
ØCommission on Audit (COA) Audited Financial Statements for the past three (3) years.
PROGARAM AVAILMENT PROCESS
I.ACCREDITATION AND GRANTING OF OCL TO PARTNER-LGU
1.SHFC shall evaluate the submitted documents as to completeness and authenticity.
2.To ensure the viability of the project, SHFC shall conduct a background investigation with regard to the occupancy of the MBs. It shall also validate the LGU appraisal of the project. Both activities shall be made prior to accreditation and granting of OCL to the prospective Partner-LGU.
3.SHFC shall present a report regarding the results of the evaluation for approval by the Credit Committee of SHFC.
4.Upon accreditation and approval of the OCL a MOA shall be executed between SHFC and the partner-LGU.
II.RELEASE OF LOAN PROCEEDS
After the partner-LGU completes the full LCMP processing cycle for each project, it shall submit all of the loan documents required under the new revised CMP guidelines to SHFC in three (3) sets including a certification from the Landowner that he/she has received full payment of the twenty-five percent (25%) for 1st to 4th class or ten percent (10%) (for 5th to 6th class cities and municipalities) partner-LGU participation of the project (for privately-owned land).
The partner-LGU shall likewise include its warranty on the project stating the following:
Warranty issued by the partner-LGU
1.The CA is a bonafide association and its acts are the voluntary acts of the members for the purpose of acquiring and keeping the property for themselves; and that the CA MBs are therightful occupants of the property and are aware of their obligations under the CMP;
2.The MBs have not availed of any government housing program;
3.The physical existence of the identified project/s has been established; The TCT is authentic and is free from liens and encumbrances; and the registered owner, for privately owned property, is still living; and
4.Any violation of any warranty shall be ground for SHFC to impose any or all of the penalties provided under Section 11 of the Amended Implementing Guidelines for the LCMP thereof, without prejudice to resort to other remedies as provided for by law.
SHFC’s processing time for the release of the loan proceeds shall not exceed thirty (30) calendar days from receipt of the complete set of LCMP documents from the partner-LGU.
The LCMP is a modified community mortgage program which extends financial assistance for the acquisition of the land occupied by the constituents of the local government unit or the land where they will be relocated through the concept of community ownership, with the land primarily mortgaged to SHFC.
Under this program, a qualified Local Government Unit is accredited by SHFC as partner-LGU and as such shall perform all pre take-out functions of SHFC under the CMP. The LGU is subsequently provided with an Omnibus Commitment Line (OCL), not to exceed P50 Million, to accommodate priority social housing projects identified by the partner-LGUs.
As partners in this undertaking, the SHFC will have a 75% share in the total project cost while the LGU will shoulder the remaining 25% for every project/s enrolled by the partner-LGU in the OCL. The 25% counterpart contribution of the LGU in the project cost can come in any of the following form:
a.land owned by the partner-LGU to serve as site of the project
b.cash financing to pay-off at least 25% of the lot price (privately owned land)
c.site development and/or construction/ improvement of residential units or Medium Rise Residential Buildings (MRRBs)
Loan Amount: A beneficiary can avail of a maximum loan amounting to P80,000 for properties located in Metro Manila and in highly urbanized areas; P45,000 for undeveloped properties; and P60,000 for developed properties located outside Metro Manila
P60,000 loan = P411.18 (inclusive of P24.60 MRI)
P80,000 loan = P548.24 (inclusive of P32.80 MRI)