SOCIALIZED HOUSING” AND “LOW COST HOUSING” PACKAGES
In conformity with Memorandum
Circular No. 02, series of 2002 of the Housing and Urban Development
Coordinating Council, the definitions of the housing packages under the
“Socialized Housing” and “Low Cost Housing” prescribed under Circular
Letter dated March 31, 1999 are revised to read as follows:
“Socialized Housing
refers to housing programs and projects covering houses and lots or home
lots only undertaken by the Government or the private sector for the
underprivileged and homeless citizens which shall include sites and
services development, long-term financing, liberalized terms on interest
payments, and such other benefits in accordance with the provisions of
R.A. No. 7279 (Urban Development and Housing Act). Socialized housing packages shall refer to housing loans not exceeding P225,000.00.“Low-cost Housing
Packages shall consist of Level 1 which shall refer to housing loans in
excess of P225,000.00 but not more than P500,000.00 and Level 2 which
shall refer to housing loans in excess of P500,000 but not more than
P2.0 million, as prescribed under existing guidelines of the Housing and
Urban Development Coordinating Council (HUDCC) for the implementation
of various government housing programs, or in such other amounts which
HUDCC may prescribe in the future for said housing loans.Economic and
socialized housing refers to housing units which are within the
affordability level of the average and low-income earners which is
thirty percent (30%) of the gross family income as determined by the
National Economic Development Authority from time to time. It
also refers to the government-initiated sites and services development
and construction of economic and socialized housing projects in
depressed areas.”Effective immediately.
Adopted: 15 Nov. 2002
(SGD.) NESTOR A. ESPENILLA, JR.
Sector-in charge