Sunday, May 19, 2024

4PH Rent-To-Own Houses To Rise In MacArthur, Leyte

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4PH Rent-To-Own Houses To Rise In MacArthur, Leyte

2427

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A PHP532.92 million four-story housing project will rise in this town to provide low-income earners with the opportunity to own a house under the Pambansang Pabahay para sa Pilipino (4PH) program.

In a press briefing here Thursday, Department of Human Settlements and Urban Development (DHSUD) regional director Michael Victor Tezon said the project, dubbed “Abante MacArthur Residences,” is the first to have a groundbreaking in the Eastern Visayas region.

“This is a turn-key project, and there’s no mobilization fund from the government. The contractor acquires the property and finances the construction of all houses,” Tezon told reporters.

The contractor, Omegaros Construction Supply and Services, is expected to build the housing project with 408 units within a 1.10-hectare lot near the town center. Each unit has a floor area of 27 square meters.

The target is to complete the first building after eight months, which will be occupied by families in the early part of 2025.

For Mayor Rudin Babante, this is a dream come true for their municipality, where 25 percent of its 6,700 families don’t own a house.

“There are only 408 units available, but 472 families, mostly local government employees and public school teachers, have already applied for housing,” Babante said.

To avail of a housing unit, a beneficiary must be a first-time home buyer and a member of Home Development Mutual Fund (Pag-IBIG) for two years, with a stable monthly income, no outstanding Pag-IBIG short-term loan, no Pag-IBIG account foreclosed or canceled, and not more than 70 years old on loan maturity.

Tezon said that each house costs PHP1.31 million. The central government subsidizes the housing loan interest of Pag-IBIG.

“Instead of paying PHP8,000 in monthly amortization, they will only pay PHP3,000 monthly to own the unit. This is cheaper than renting a house. Those earning PHP 15,000 monthly can own a house under this program,” the official added.

Implemented under President Ferdinand R. Marcos Jr.’s 4PH Program, the project is an in-city resettlement. It prioritizes high-density/vertical development and utilizes both government and private lands.

DHSUD oversees and monitors the implementation of 4PH. It also provides parameters or specifications and extends support and technical assistance to LGUs, developers, and other program partners, including facilitating the issuance of development permits and licenses to sell. (PNA)