Kuya Bong files housing development measure
Senate Bill 426 encourages public and private sector participation in the implementation of the government’s National Housing Development and Production Financing Program
Committed to meet the needs of numerous underprivileged and homeless Filipinos, Senator Christopher Lawrence “Bong” Go filed a measure seeking to increase housing production by forging partnerships among relevant stakeholders to address the social housing demands of the Filipino families.
Go’s Senate Bill 426 encourages public and private sector participation in the implementation of the government’s National Housing Development and Production Financing (NHDPF) Program.
Under the proposed measure, the Department of Human Settlements and Urban Development and its attached key shelter agencies, shall intensify the implementation of the vital components of the NHDPF program.
Meanwhile, the National Housing Authority will be the sole national government agency tasked to implement and develop the housing programs intended for the bottom 30 percent of the income population.
The proposed bill also stated that the Social Housing Finance Corporation is also mandated to undertake social housing programs that will cater to the formal and informal sectors in the low-income bracket and to take charge of developing and administering social housing programs, particularly the Community Mortgage Program and its different modalities.
Finally, the National Home Mortgage Finance Corporation (NHMFC) is mandated to increase the availability of affordable housing loans to finance the Filipino homebuyers on their acquisition of housing units through the development and operation of a secondary market for home mortgages.
The authorized capital stock of the NHMFC shall be increased from P5.5 billion to P50 billion pesos to expand its leveraging capacity based on the volume of mortgage loans being serviced to improve its profitability by reducing the average cost of its fund made available for home lending programs.
The NHMFC will also be exempt from all national, provincial, municipal and city taxes on income derived from its governmental functions, specifically income from its activities or transactions in the exercise of its mandates.
To fast track the approval and implementation of housing projects and reduce the cost of socialized and low-cost housing units, relevant agencies shall likewise facilitate the release of the required housing-related permits, licenses, certifications and tax exemptions or rulings in accordance with Republic Act 11032 or “Ease of Doing Business and Efficient Government Service Delivery Act of 2018.”