SOCIAL HOUSING AND LAW-COST HOUSING
its meeting held on March 13, 2000 approved the adoption of the revised
definition of the Housing Loan Packages. Accordingly, the definition of
“Socialized Housing” and “Low-cost Housing” under Circular Letter dated
March 31, 1999 shall be 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).
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.
Under existing guidelines of the Housing and Urban Development Coordinating Council (HUDCC), socialized housing refers to housing loans not exceeding P180,000 and low-cost housing
are housing loans in excess of P180,000 but not more than P500,000.
These amounts shall be changed as HUDCC may prescribe in the future for
said housing loans.
Adopted: 29 May 2000
(SGD.) ALBERTO V. REYES
Deputy Governor