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Copyright©2007 Social Housing Finance Corporation
Copyright©2007 Social Housing Finance Corporation
How to avail of the LCMP?
If an LGU is qualified for the LCMP, SHFC will extend an OCL not to exceed P50 Million, in accordance with the social housing projects/urban poor communities which are included in the Comprehensive Shelter Plan (CSP) of the LGU. SHFC will release the necessary funds which will be equivalent to 75% of total land acquisition cost. The LGU will shoulder the remaining 25% as counterpart contribution to the project. It can be any of the following:
a. land owned by the LGU to serve as site of the project;
b. co-financing of the lot acquisition; and
c. site development of residential units or Medium Rise Residential Buildings (MRRBs)
Loan details
• Interest 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 monthly payments: CA shall collect the share of its members in the monthly amortization and remit
the same to the partner-LGU which the latter shall deposit to the LBP account of SHFC
• Defaulting members: CA and the partner-LGU shall find a substitute member who shall assume the obligation of the
defaulting member
Major players of LCMP
• SHFC
• Partner-LGU
• Community Association (CA)
• Local Housing Partners (LHPs)
- People’s Organization (PO)
- Non-Government Organization (NGO)
- Key Shelter Agencies (KSA)
- Government Agencies (GA)
Loan Guaranty
In order to secure the OCL granted to the LGU, any or a combination of the following are required from the LGU and the Community Association:
• Assignment of Receivables o Internal Revenue Allotment (IRA)
• LGU Guaranty from the Home Guaranty Corporation (HGC) or Local Government Unit Guarantee Corporation
(LGUGC); and
• Community Fund equivalent to six (6) months amortization of the LCMP loan.
In the event of non-payment of the monthly amortization within the due date, the LGU will be charged a penalty equivalent to 1/30 of one percent (1%) of the unpaid amount for each day of delay and the payment shall be drawn against the Community Fund account or the partner-LGU guaranty.
If an LGU is qualified for the LCMP, SHFC will extend an OCL not to exceed P50 Million, in accordance with the social housing projects/urban poor communities which are included in the Comprehensive Shelter Plan (CSP) of the LGU. SHFC will release the necessary funds which will be equivalent to 75% of total land acquisition cost. The LGU will shoulder the remaining 25% as counterpart contribution to the project. It can be any of the following:
a. land owned by the LGU to serve as site of the project;
b. co-financing of the lot acquisition; and
c. site development of residential units or Medium Rise Residential Buildings (MRRBs)
Loan details
• Interest 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 monthly payments: CA shall collect the share of its members in the monthly amortization and remit
the same to the partner-LGU which the latter shall deposit to the LBP account of SHFC
• Defaulting members: CA and the partner-LGU shall find a substitute member who shall assume the obligation of the
defaulting member
Major players of LCMP
• SHFC
• Partner-LGU
• Community Association (CA)
• Local Housing Partners (LHPs)
- People’s Organization (PO)
- Non-Government Organization (NGO)
- Key Shelter Agencies (KSA)
- Government Agencies (GA)
Loan Guaranty
In order to secure the OCL granted to the LGU, any or a combination of the following are required from the LGU and the Community Association:
• Assignment of Receivables o Internal Revenue Allotment (IRA)
• LGU Guaranty from the Home Guaranty Corporation (HGC) or Local Government Unit Guarantee Corporation
(LGUGC); and
• Community Fund equivalent to six (6) months amortization of the LCMP loan.
In the event of non-payment of the monthly amortization within the due date, the LGU will be charged a penalty equivalent to 1/30 of one percent (1%) of the unpaid amount for each day of delay and the payment shall be drawn against the Community Fund account or the partner-LGU guaranty.
What is LCMP?
The Localized Community Mortgage Program (LCMP) is an innovative scheme whereby qualified partner-LGUs may apply for an Omnibus Commitment Line (OCL), not to exceed P50 Million, made available by Social Housing Finance Corporation (SHFC) to accommodate priority social housing projects identified by the partner-LGUs.
The projects, which may be enrolled under the partner-LGU’s OCL, shall primarily be for purposes of acquiring the land occupied by their constituents or the land where they will be relocated through the concept of community ownership, with the land primarily mortgaged to SHFC.
The Localized Community Mortgage Program (LCMP) is an innovative scheme whereby qualified partner-LGUs may apply for an Omnibus Commitment Line (OCL), not to exceed P50 Million, made available by Social Housing Finance Corporation (SHFC) to accommodate priority social housing projects identified by the partner-LGUs.
The projects, which may be enrolled under the partner-LGU’s OCL, shall primarily be for purposes of acquiring the land occupied by their constituents or the land where they will be relocated through the concept of community ownership, with the land primarily mortgaged to SHFC.
• Note:
Approved Localized Community Mortgage Program (LCMP) guidelines for pilot implementation
Approved Localized Community Mortgage Program (LCMP) guidelines for pilot implementation