Scribd Logo
Upload

Welcome to Scribd!

  • All CMP Originators / Borrowers / Stakeholders Reduction of Maximum Allowable Equity

    Uploaded by

    mystics89
    24 views1 page
    The Social Housing Finance Corporation (SHFC) issued a circular reducing the maximum allowable equity for properties acquired under the Community Mortgage Program. The SHFC Board approved lowering the equity limit from 30% to 10% for properties in Metro Manila and other highly urbanized areas, and from 30% to 5% for properties outside those areas. This aims to ensure affordable housing for underprivileged groups by maintaining acquisition costs at the lowest level possible and preventing upward pressure on land prices. The new equity limits apply to project applications received by SHFC on or after February 1, 2007, superseding any conflicting previous issuances.

    Original Description:

    Original Title

    SCC-4

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The Social Housing Finance Corporation (SHFC) issued a circular reducing the maximum allowable equity for properties acquired under the Community Mortgage Program. The SHFC Board approved lowering the equity limit from 30% to 10% for properties in Metro Manila and other highly urbanized areas, and from 30% to 5% for properties outside those areas. This aims to ensure affordable housing for underprivileged groups by maintaining acquisition costs at the lowest level possible and preventing upward pressure on land prices. The new equity limits apply to project applications received by SHFC on or after February 1, 2007, superseding any conflicting previous issuances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    24 views1 page

    All CMP Originators / Borrowers / Stakeholders Reduction of Maximum Allowable Equity

    Uploaded by

    mystics89
    The Social Housing Finance Corporation (SHFC) issued a circular reducing the maximum allowable equity for properties acquired under the Community Mortgage Program. The SHFC Board approved lowering the equity limit from 30% to 10% for properties in Metro Manila and other highly urbanized areas, and from 30% to 5% for properties outside those areas. This aims to ensure affordable housing for underprivileged groups by maintaining acquisition costs at the lowest level possible and preventing upward pressure on land prices. The new equity limits apply to project applications received by SHFC on or after February 1, 2007, superseding any conflicting previous issuances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    SOCIAL HOUSING FINANCE CORPORATION

    a subsidiary of National Home Mortgage Finance Corporation

    CORPORATE CIRCULAR CMP – 07-004


    February 05, 2007
    Series of 2007

    TO : ALL CMP ORIGINATORS / BORROWERS /


    STAKEHOLDERS

    SUBJECT : REDUCTION OF MAXIMUM ALLOWABLE


    EQUITY

    To ensure that acquisition of lots under the Community Mortgage


    Program (CMP) are maintained within the capacity of the homeless and the
    under privileged sector of the society, the SHFC Board of Directors
    approved, under the Board Resolution No. 67 dated 22 November 2006, the
    reduction of the maximum allowable equity from the previous level of 30%
    to 10% of average loan for properties located in Metro Manila and other
    Highly Urbanized Areas (HUAs), and 5% for areas outside Metro Manila and
    those not classified as HUAs.

    Approval of projects with substantial equities to be shouldered by CMP


    beneficiaries exerts upward pressure on land prices and increases the
    burden on the borrowers. Hence, equity should be maintained at its lowest
    level.

    This Circular shall cover applications that will received by SHFC


    commencing February 1, 2007 and supersedes all other Circulars and
    issuances inconsistent thereto.

    ATTY. FERMIN T. ARZAGA


    President

    Banco de Oro Plaza, 8737 Paseo de Roxas Avenue, Salcedo Village, Makati City
    Telephone Number : 812-6978 website: www.shfcph.com email address: info@shfcph.com

    You might also like