MANILA, (PNA) — A lawmaker has filed a bill reviving for another two years the implementation of Republic Act 9507 or the act establishing a socialized and low cost housing loan restructuring and condonation program of the government.
Rep. Winston Castelo (2nd District, Quezon City) said House Bill 422, which seeks to amend RA 9507 pushes for a loan restructuring and condonation program for delinquent socialized and low-cost housing loan accounts.
Castelo said there is an urgent need to revive the loan restructuring and condonation program to make available at affordable cost decent housing to underprivileged and homeless citizens.
Castelo said the effectivity of Republic Act 9507 or the Socialized and Low-Cost Housing Loan Restructuring Act of 2008 has lapsed on December 28, 2010.
“Congress should amend the law to enable potential beneficiaries who might have missed it,” Castelo said.
Under the bill, all socialized and low-cost housing loans with any government financial institutions and agencies involved in the National Shelter Program (NSP), the original principal of which are within the housing loan ceilings as determined by the Housing and Urban Development Coordinating Council (HUDCC), can avail of the program provided that the original amount of the housing loan shall not exceed P2,500,000.
Castelo said a new mechanism would be structured to make available and guide condonation program applicants.
Castelo said all socialized and low-cost housing loans with any of the government financial institutions (GFIs) and agencies involved in the National Shelter Program (NSP), including, but not limited to, the Government Service Insurance System (GSIS), Social Security System (SSS), Home Development Mutual Fund (HDMF) or PAG-IBIG Fund, National Home Mortgage Finance Corporation (NHMFC), Social Housing Finance Corporation (SHFC), Home Guaranty Corporation (HGC), and the National Housing Authority (NHA) that have at least three months of unpaid monthly amortizations will be covered by the program.