TECHNICAL plans for an urban poor housing condominium at the old Lorega cemetery have to be completed immediately so Cebu City Hall can avail of a loan offer of the National Housing Authority (NHA).
Councilor Alvin Dizon said the technical plan will also be used as basis for the City Council to authorize Mayor Michael Rama to enter into an agreement with the NHA to avail of the loan.
NHA Regional Director Gavino Figuracion told the council in a public hearing on Wednesday that the city has until the end of the year to avail of a P78 million credit facility with an annual six percent interest rate.
He said the city can also use another P24 million fund. But unlike the P78 million loan, only half of the P24 million credit facility will have to be recovered by the city.
The other half will be given by NHA as a subsidy.
Collin Rosell, head of the Department for the Welfare of the Urban Poor (DWUP), said the city government plans to build two four-story urban poor condominiums in a portion of the old cemetery.
Each building which covers an area of 2,880 sq. meters will consist of 86 condominium units which the city could lease or sell to qualified beneficiaries at P434,000 per unit.
The two medium-rise urban poor condominium projects are intended for settlers near rivers and other areas vulnerable to flooding and landslides.
The executive department formed a Technical Working Group (TWG) earlier to oversee the technical plans of the proposed urban poor condominium.
“The technical working group should incorporate the suggestions given by the council and the Lorega barangay council,” Dizon said. Chief of Reporters Doris C. Bongcac