Protection Against Ejectment and Demolition
- Upon approval, no ejectment proceedings against tenants or bona fide occupants can be initiated.
- Pending ejectment cases must be dismissed upon the defendant’s motion.
- Demolition orders against occupiers shall be rescinded.
Payment of Arrears in Rentals
- Tenants or occupants in arrears must liquidate overdue rental payments.
- Payment of arrears can be made in 24 equal monthly installments starting from the liquidation date.
Restrictions on Transfer and Disposal of Property
- Properties acquired under this Act cannot be sold, transferred, mortgaged, or disposed of for five years after full ownership is vested.
- Any such transaction requires the consent of the Land Tenure Administration.
Succession of Rights and Obligations
- In case of the purchaser’s death before full payment, the widow and children succeed to the purchaser’s rights and obligations concerning the lot.
Implementing Authority and Regulations
- The Chairman of the Land Tenure Administration is empowered to implement the Act.
- The Chairman may issue necessary rules and regulations for effective implementation.
Appropriation of Funds
- A budget of 150,000 pesos is appropriated from the National Treasury for carrying out the provisions of this Act.
Repeal and Effectivity
- All inconsistent laws or parts thereof are repealed or modified accordingly.
- The Act takes effect immediately upon approval.