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Senator wants HUDCC abolished
By KIMBERLY JANE TAN, GMANews.TV
Senator Sergio Osmeña III on Thursday sought the abolition of the Housing and Urban Development Coordinating Council (HUDCC), noting its apparent uselessness in the housing industry. "The HUDCC council doesn't make sense to me. It's like a superfluous body that is not needed in the housing industry," Osmeña said during Thursday's hearing on the Pag-IBIG Fund housing loan mess. The HUDCC supposedly supervises the operations of the council’s key shelter agencies such as:
- the National Housing Authority, which builds houses for all sectors and manages government estates for resettlement of informal settlers;
- the Housing and Land Use Regulatory Board, which sets standards for housing projects, and as a judicial agency handles disputes between subdivision property owners and developers;
- the Home Development Mutual Fund, more popularly known as Pag-IBIG Fund, a trust fund that allows members access to housing loans;
- the Home Guaranty Corp., which provides government guarantees for loans that bankroll housing projects;
- the National Home Mortgage Finance Corp., which buys secondary mortgages; and
- the Socialized Housing Finance Corp., a semi-private government agency that manages funds for socialized housing.
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