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Social Housing Finance Corporation

Social Housing Finance Corporation. a subsidiary of National Home Mortgage Finance Corporation. WHAT IS THE CMP?.

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Social Housing Finance Corporation

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  1. Social Housing Finance Corporation a subsidiary of National Home Mortgage Finance Corporation WHAT IS THE CMP? • The Community Mortgage Program (CMP) utilizes an innovative system of mortgage financing whereby an undivided tract of land may be acquired by several beneficiaries through the concept of community ownership for subsequent individualization of the mother title under the name of the member-beneficiaries.

  2. 25 years to pay 6% interest per annum Social Housing Finance Corporation a subsidiary of National Home Mortgage Finance Corporation COMMUNITY MORTGAGE PROGRAM • A mortgage financing program: • assists legally organized associations of informal settler families (ISFs) • Homeless and underprivileged • purchases and develops a tract of land • Where they are currently situated (on-site) • Where they choose to relocate to (off-site) • 3 Loan Stages: • Land acquisition • Site development • House construction

  3. Social Housing Finance Corporation a subsidiary of National Home Mortgage Finance Corporation COMMUNITY MORTGAGE PROGRAM LOAN ENTITLEMENT

  4. COMMUNITY ASSOCIATION LANDOWNER Amortize Loan * CMP MOBILIZERS LGU/ NGO/ NHA SHFC CMP PROCESS FLOW Assist the CA Offer to Buy Letter of Intent to Sell Pay Landowner Deliver Documents *Collecting Agents SHFC (main/regional offices) Land Bank

  5. Social Housing Finance Corporation a subsidiary of National Home Mortgage Finance Corporation Requirements/Qualifications of the COMMUNITY ASSOCIATION (CA): • To qualify for a CMP loan, the CA must meet the following requirements: • HLURB registered • Beneficiary Eligibility • Legal age (18-60 years old) • 1 loan for husband and wife • No existing lot/housing loan • Earning • CA has savings

  6. Social Housing Finance Corporation a subsidiary of National Home Mortgage Finance Corporation Qualifications of the CMP MOBILIZER (CMP-M): • To be accredited to the Program, the CMP-M must meet the following qualifications: • Must be a duly registered stock and non-stock corporation • Must have at least 2 years experience in subdivision/housing development and/or community-based social or economic assistance activities • With 1 or more principal officers qualified to perform the above cited functions • Must have organizational capabilities • May be a government entity

  7. “Documentary Requirements of the CMP MOBILIZERs (CMP-M)”

  8. DOCUMENTARY REQUIREMENTS FOR PROJECT ACCREDITATION(As contained in the Checklist of Requirements under the “Fast Facts on the Community Mortgage Program”)A. ORIGINATOR ACCREDITATION (For New Applicants)1. Duly accomplished Application Letter (CMP-001)

  9. ORIGINATOR ACCREDITATION (For New Applicants) • 2. Duly accomplished CMP-M Information Sheet (CMP-002)

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