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BOI requires low-cost developers to provide 20% socialized housing


[ Malaya.com.ph ] May 11, 2010

The Board of Investments (BOI) has come up with proposed guidelines fleshing out the requirement that low-cost housing developers should provide socialized housing component of at least 20 percent of project cost to enjoy incentives under the 2010 Investment Priorities Plan.
Low-cost housing was included in the IPP in 2008 in compliance with R.A. or the Urban Development and Housing Act of 1992, but the 20 percent socialized housing requirement does not list specific undertakings for compliance.
Under the proposed 2010 guidelines, socialized housing covers the following: development of new settlement; slum upgrading or renewal of areas for priority development either through zonal improvement programs or slum improvement and resettlement programs; joint venture projects with either the local government units or any of the housing agencies; participation in the community mortgage program; housing density of 100 units per hectare or; other modes allowed by the Housing and Land Use Regulatory Board.
Low cost housing refers to a housing program for low and middle income groups substantially constructed by the private sector as a business venture. - Irma Isip
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