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Saturday, April 13, 2024

Proposed housing law awaits PNoy’s approval

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A measure strengthening  the  government’s housing program  is expected to be signed into law next week by President Benigno Aquino III whose term ends on Thursday.

House Bill 4116 entitled “Balanced Housing Development Program Amendments Act” authored by reelected  congressmen Leopoldo Bataoil of Pangasinan, Arlene Bag-ao of Dinagat Islands and Jose Tejada of Cotabato, seeks to amend  Republic Act 7279 or the “Urban Development and Housing Act of 1992.”

Bag-ao said the bill aims to include developers of subdivision and condominium projects to contribute to the socialized housing program.

Section 3 of HB 4116 now includes residential condominium units as part of the “socialized housing” undertaken by the government or the private sector, she added.

Under the measure, the Balanced Housing Development of Section 18 shall also be amended wherein 15 percent of the total subdivision area and 5 percent of the condominium area will be allocated for socialized housing at the option of the developer.

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The Housing and Urban Development Coordinating Council and the National Economic and Development Authority shall jointly determine and set separate socialized housing price ceilings.

HUDCC and Neda are also mandated to review and revise the housing price every three years to match the economic conditions of the country.

They shall also review and adjust the required percentage of compliance for both subdivision and condominium projects on the 5th year after the effectivity of the Act.

Moreover, violators of Section 18 imposes penalty of not less than P10,000 but not more than P500,000 for the first offense and cancellation of license for the second time.

Lastly, the National Housing Authority and private owners or developers are required to give highest priority to education facilities in the basic services as stated in the amended Section 21 of HB 4116.

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