Davao Oriental’s housing project that is expected to benefit more than 700 residents will commence after the signing of the lease agreement by relevant parties, an official of the provincial government.

Provincial Information Officer Karen Lou Deloso said the 746 beneficiaries signed the lease agreement with the Socialized Housing Finance Corporation (SHFC) under its community mortgage program.

The lease agreement between SHFC and members of the Mandaya Muslim Bisaya Homeowners Association governs the acquisition of the 15.6-hectare land in Sitio Magay, Barangay Don Martin Marundan, Mati City, where the housing project is situated.

“Prior to the signing, officers from the SHFC explained to the beneficiaries the contents of the agreement,” Deloso said.

Under the agreement, each beneficiary shall pay the monthly rental of PHP369.42 per month, payable for 25 years.

Flordeliza Tabanao, Provincial Housing Coordinator, said that following the signing of the agreement, the SHFC will pay the landowner so that the site development and project construction can begin.

Tabanao said that the provincial government hopes to start the construction next year after meeting all requirements.

Mati City Mayor Michelle Rabat said the project is “a welcome development to address the housing backlog in the city.” (PNA)