City Council OKs usufruct deal for Pagatpat housing project

THE 21^st City Council, led by Vice Mayor Bebot Rodriguez, has authorized City Mayor Rolando A. Uy to sign the usufruct agreement with the Social Housing Finance Corporation (SHFC) for a city-owned property in Barangay Pagatpat for the proposed Pagatpat Valley Residence, formerly named as “Klarexville Housing Project”.

This proposed housing project is under the Expanded Pambansang Pabahay Para sa Pilipino (4PH) program which was declared by President Ferdinance R. Marcos, Jr. that enjoined local governments and national agencies to work closely together in order to eradicate the huge national housing backlog and provide affordable and decent housing that will improve the quality of life of the communities.

It also aimed at increasing the availability of socialized housing, will enable the city to utilize its resources effectively while partnering with the SHFC, which specializes in financing social housing projects.

The legislative body, likewise, authorized Mayor Uy to sign the Master Deed and Declaration of Restrictions (MDDR) of the Pagatpat Valley Residence project with the Johndorf Ventures Corporation, and on the land title registered in the name of the city government of Cagayan de Oro at the Land Registration Authority-Registry of Deeds.

The separate ordinances were reviewed and endorsed by the committees on subdivision, housing development, and landed estate and on laws and rules both chaired by Councilor Edgar S. Cabanlas. (JBD/SP)