RESOLUTION NO. R-646, CLARIFYING THE PROCEDURAL REQUIREMENTS ON REGISTRATION AND LICENSING OF COMMUNITY MORTGAGE PROGRAM (CMP) AND COOPERATIVE HOUSING PROGRAM (CHP) PURSUANT TO …

Quoted hereunder is the full text of the subject resolution passed
by the Board of Commissioners in its Special Meeting on 02 June 1 999.

“WHEREAS, the Board has issued Resolution No. 541 s. 1994 entitled
‘Promulgating a Policy of Non-Exemption from Certificate of
Registration and License To Sell for projects Under the Community
Mortgage Program and Cooperative Housing Program”;

WHEREAS, under said Resolution, CMP and CHP projects are required a
Certificate of Registration and License to Sell pursuant to Sections 4
and 5 of PD 957;

WHEREAS, there is a need for urgency in processing of requirements
to obtain funding approval for these type of projects with the
financial institutions prior to other approvals under Section 4 and 5 of
PD 957 with this Board;

WHEREAS, CMP and CHP projects are mostly initiated/originated by
groups/associations whose members are the beneficiaries themselves who
pool whatever available resources to defray the necessary expenses for
the needed funding approval;

WHEREAS, the requirements for registration and license become
relevant during the issuance of separate titles to the beneficiaries and
the introduction of facilities;

WHEREFORE, be it RESOLVED as it is hereby RESOLVED that the
requirement of registration and license to sell CMP and CHP projects be
imposed during the issuance of separate titles to the individual
beneficiaries and the introduction of facilities after the title has
been acquired, on first stage, by the association.

Be it further resolved that CMP and CHP projects be afforded
exemptions from certain fees and an express lane for developers and
proponents of the project.

APPROVED, 02 June 1999 Quezon City, Metro Manila.

For your information and guidance.

Adopted: 08 July 1999

(SGD.) ROMULO Q. FABUL
Commissioner and Chief Executive Officer