Authorizing The Creation of the Social Housing Finance Corporation and Directing The Transfer of the Community Mortgage Program, Abot-Kaya Pabahay Fund Program, and other Social Housing Powers and Functions of the National Home Mortgage Finance Corporation to the Social Housing Finance Corporation

MALACAÑANG
Manila

BY THE PRESIDENT OF THE PHILIPPINES

Executive Order No. 272 January 20, 2004

AUTHORIZING THE CREATION OF THE SOCIAL HOUSING FINANCE CORPORATION AND DIRECTING THE TRANSFER OF THE COMMUNITY MORTGAGE PROGRAM, ABOT-KAYA PABAHAY FUND PROGRAM, AND OTHER SOCIAL HOUSING POWERS AND FUNCTIONS OF THE NATIONAL HOME MORTGAGE FINANCE CORPORATION TO THE SOCIAL HOUSING FINANCE CORPORATION

WHEREAS, the Constitution mandates the State to undertake a continuing program of urban land reform and housing which will make available, at affordable cost, decent housing and basic services to underprivileged and homeless citizens in urban centers and resettlement areas;

WHEREAS, the National Home Mortgage Finance Corporation [NHMFC] was created under Presidential Decree No. 1267 with the primary purpose of developing and providing a secondary market for home mortgages granted by public and/or private home financing institutions;

WHEREAS, Republic Act No. 6846 [RA 6876], otherwise known as the "Social Housing Support Fund Act of 1990," as amended by Republic Act No. 7835 [RA 7835], otherwise known as the "Comprehensive and Integrated Shelter Financing Act of 1994,"...

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Summary of Executive Order No. 272

Authorizing the Creation of the Social Housing Finance Corporation (SHFC) and Transfer of Programs
- Authorizes the National Home Mortgage Finance Corporation (NHMFC) to establish the SHFC as a wholly-owned subsidiary. (Section 1)
- The SHFC shall be the lead government agency for social housing programs catering to the low-income bracket. (Section 2)
- The NHMFC shall determine the capitalization, powers, and functions of the SHFC. (Section 3)

Board of Directors and President of the SHFC
- The Board of Directors shall be composed of representatives from various government agencies and the private sector. (Section 4)
- The President of the SHFC shall be nominated by the President of the Philippines. (Section 5)

Transfer of Funds and Programs to the SHFC
- The Community Mortgage Program (CMP), including all funds appropriated for the CMP, shall be transferred from the NHMFC to the SHFC. (Section 6)
- The Abot-Kaya Pabahay Fund (AKPF) Program, including the amortization support program and developmental financing program, shall be transferred from the NHMFC to the SHFC. (Section 6)
- Other funds, programs, and functions related to social housing, as determined by the NHMFC Board, shall be transferred to the SHFC. (Section 6)
- Upon transfer, all powers, functions, rights, and duties previously exercised by the NHMFC relating to the CMP, AKPF Program, and other social housing functions shall be transferred to the SHFC. (Section 6)

Transfer Committee and Implementation
- A Transfer Committee shall be formed to prepare plans and measures to effect the transfer within 30 days. (Section 7)
- The NHMFC, SHFC, and Transfer Committee shall take necessary steps for efficient transfer and submit a report to the President within 30 days after the SHFC's establishment. (Section 7)

Personnel and Existing Policies
- The SHFC's position structure and staffing pattern shall be subject to DBM approval. (Section 8)
- NHMFC personnel performing transferred functions shall continue their duties, with the option to remain with NHMFC, retire, or separate from service. (Section 8)
- Existing policies, guidelines, rules, and regulations related to the transferred functions shall continue in effect until amended or modified. (Section 9)

Repealing Clause and Effectivity
- All issuances contrary or inconsistent with this Executive Order are repealed or modified accordingly. (Section 10)
- This Executive Order shall take effect immediately. (Section 11)