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RA 10884, Amendments to Urban Development and Housing Act, RA 7279 lapses into law



August 6, 2016

“RA 10884, which amends RA 7279 (Urban Development and Housing Act of 1992). Though this act was not signed by PNoy, it lapsed into law on July 17, 2016.

The amended provision are as follows:

1. Section 3 (r): this now includes “socialized condominium or MRBs”. To be done is the setting of the price ceiling for this new category by NEDA/HUDCC. In 2012, SHDA have proposed is 840K per unit but this will be subject for further validation in view of the changes in prices of land, construction materials and labor. This will allow in-city projects.

2. Section 18: on balanced housing development: socialized housing compliance for HORIZONTAL development is reduced from 20% to 15% while VERTICAL development will now have a socialized housing compliance of 5%. This means that all condominium projects will have to comply with socialized housing requirements even they will not avail of incentives.

3. Section 20: incentives for private sector participating in socialized housing. The clarification provided herein that “a socialized housing certification issued by HLURB shall be sufficient for the purpose of availment of tax exemptions”, is aimed at addressing the concern on BIR ruling requirements.”
 

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