The Home Development Mutual Fund (HDMF or Pag-IBIG Fund) and a private developer have collaborated for a PHP387.6-million housing project here.
The groundbreaking ceremony for the Residencia de Legazpi housing project will be on Nov. 8. It is part of the Pambansang Pabahay Para sa Pilipino Housing (4PH) program of President Ferdinand R. Marcos Jr. that aims to build six million houses until 2028.
Mayor Geraldine Rosal said the project is located on a 3,000-square-meter lot in Barangay Homapon.
Three four-story buildings that will have 372 residential units and 31 commercial spaces will be constructed.
The cheapest price per residential unit is PHP1.260 million.
“The 3,000-square meter lot is a property of the city government but was sold to the private developer, Legazpi Premium Development Corporation, for the project to immediately proceed,” she said in an interview on Tuesday.
The Department of Human Settlements and Urban Development grants an authority to partner local government units to execute and implement measures to bridge their respective housing gaps under the 4PH program of the national government, Rosal added.
The 400 target beneficiaries must be Pag-IBIG members in good standing, who do not own houses yet, and who have the capacity to pay the loan in 30 years, to be deducted from their monthly salaries.
The Legazpi City Planning Office has started to process the documents of housing loan applicants. (PNA)
