Balanced Housing Development Program Requirements
- Requires developers of subdivision projects to allocate at least 15% of total subdivision area or cost for socialized housing.
- Condominium developers must allocate at least 5% of project area or cost for socialized housing.
- Socialized subdivision and condominium projects are exempt from this requirement.
- Housing and Urban Development Coordinating Council (HUDCC) and National Economic and Development Authority (NEDA) set and review socialized housing price ceilings biennially.
Compliance Options for Balanced Housing
- Development of socialized housing in a new settlement.
- Joint ventures with local government units, housing agencies, other developers, or accredited NGOs.
- Participation in community mortgage program projects.
- Developers are solidarily liable if joint ventures fail to comply.
Reporting and Enforcement
- Housing and Land Use Regulatory Board (HLURB) to submit annual compliance reports to Congress.
- Penalties for non-compliance include fines starting at P500,000, suspension of business license for second offense, and cancellation of license for third offense.
Incentives for Private Sector in Socialized Housing
- Simplified qualification and accreditation for private developers.
- Creation of one-stop offices in regions to fast-track permits and licenses within 90 days.
- Simplified financing procedures.
- Tax exemptions including:
- Project-related income taxes.
- Capital gains tax on raw lands.
- Value-added tax for contractors.
- Transfer taxes.
- Donor's tax for lands donated for socialized housing.
- Socialized housing certification by HLURB suffices for tax exemptions.
- Liens on exempted land titles to be annotated.
- Approved socialized housing development plan is a prerequisite.
- Savings from tax exemptions must benefit housing beneficiaries.
Implementation and Rulemaking
- HLURB mandated to promulgate implementing rules within 90 days of the Act's effectivity.
- Consultations with NGOs, people's organizations on housing rights, and private sector involved in drafting rules.
Reporting to Congress
- HLURB Chief Executive Officer to submit evaluation reports every two years post-effectivity.
General Legal Provisions
- Separability clause ensures the remainder of the law remains effective if any provision is invalidated.
- Repeals or modifies existing laws, orders, rules inconsistent with this Act.
- The Act takes effect fifteen days after publication in the Official Gazette or a newspaper of general circulation.