Vice President Jejomar C. Binay today said beneficiaries of the government’s socialized housing program who were displaced by typhoon “Sendong” in December last year will receive a seven-month reprieve on their payments. Binay is the chair of the Housing and Urban Development Coordinating Council (HUDCC).

                  Binay said the Board of Directors of the Socialized Housing and Finance Corporation (SHFC), in a recent meeting, approved a seven month moratorium on the monthly amortization for Community Mortgage Projects (CMP) in Cagayan de Oro and Iligan City affected by the typhoon. The Vice President sits as chair of the SHFC Board.

                  The moratorium will cover loan payments from December 2011 to June 2012.

                  The SHFC is the third housing agency to provide reprieve for “Sendong” victims. Earlier, the Home Development Mutual Fund (Pag-IBIG Fund) and the National Home Mortgage Finance Corporation (NHMFC) approved loan moratoriums for the victims. The boards of these agencies are chaired by the Vice President.

                  Binay said that the moratorium is expected to help a total of 249 beneficiaries in Cagayan de Oro and 328 beneficiaries in Iligan.

                  He added that on the 4th or 5th month of the moratorium period, the management of SHFC is expected to report to the Board of Directors their assessment of the rehabilitation efforts.

                  In Cagayan de Oro City, the affected CMP projects are Kauswagan Bonbon Interior, Hugpong Alang Baryuhang Oligadong Lumad and Residents Association of Vega Street.

                  Meanwhile, affected CMP projects in Iligan City include Madasigon 2 Home Owners’ Association, Valderama Home Owners’ Association and the Del Carmen Home Owners’ Association.

                  The SHFC is mandated to provide to the urban poor access to housing finance. The CMP assists associations of residents of depressed areas in owning the lots they occupy, providing them security of tenure and improving the conditions in their neighborhoods and homes.