The Social Housing Finance Corporation (SHFC) led on February 3 , 2021 , groundbreaking rites for the Balubal Socialized Housing Project Phase 2, one of the biggest socialized housing projects of the government agency mandated to provide shelter to the homeless Filipinos. Funded by the SHFC with P500 million under its Community Mortgage Program (CMP), the project in partnership with the Cagayan de Oro City government, consists of 40 two-story buildings that could house 960 families.
The groundbreaking ceremony, spearheaded by SHFC President Atty. Arnolfo Ricardo Cabling together with Cagayan de Oro Mayor Oscar Moreno, signaled the start of construction of the Balubal Socialized Housing Project Phase 2, a P500-million project to be funded under the SHFC Community Mortgage Program ((CMP)
Witnessing the groundbreaking rites for the P500-million Balubal Socialized Housing Project Phase 2, consisting of 40 two-story buildings that could house 960 families, were Operations Senior Vice President Atty. Ronaldo Saco, North Western Mindanao Operations Vice President Engr. Felman Gilbang and Cagayan de Oro Manager Janet Lumaya; Cagayan de Oro City local government officials led by Mayor Oscar Moreno and members of the Balubal Heights Subdivision Federation Homeowners Association.