Construction works have started on a housing project of the Marcos administration in the southern portion of this city.

In an interview on Monday, Legazpi City Mayor Carmen Geraldine Rosal said the project located in Barangay Homapon is the first component in Albay of the “Pambansang Pabahay Para sa Pilipino Housing (4PH)”, a flagship program of President Ferdinand Marcos Jr. aimed at solving the housing backlogs in the country by providing decent and affordable homes to Filipino families.

The PHP387.6-million project will include two four-story buildings that will house 372 residential units and 31 commercial spaces inside the expanse of 3,000 square meters. Completion is expected within this year.

“The city government owns the land but eventually, it will be sold to the developer upon submission of required documents,” Rosal said.

She said the project is a public-private partnership agreement between the city government, the Department of Human Settlement and Urban Development (DHSUD), and the Home Development Mutual Fund, commonly known as the Pag-IBIG Fund.

The Legazpi Premium Development Corporation is financing the construction and the occupants will pay the monthly amortization to Pag-IBIG.

Rosal said the city planning office will identify the beneficiaries while the HDMF will validate their names and Pag-IBIG membership and contributions.

“More than 700 applicants have already signified to avail of the housing project but only 372 of them can avail, while those applicants who cannot avail in today’s first batch of the project, please wait for the second batch for them to also avail the housing loan,” the mayor said.

She said each residential unit will cost around PHP1.260 million, payable in 30 years.

Under Department Circular 2023-004, the DHSUD grants authority to partner local government units to execute and implement measures to bridge their respective housing gaps under the 4PH program. (PNA)