Extending Benefits Provided Under Presidential Decree No. 745 Not Only To Employees Or Workers But To Low Income Families In General
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Extending Benefits Provided Under Presidential Decree No. 745 Not Only To Employees Or Workers But To Low Income Families In General
Presidential Decree No. 1217
October 14, 1977
Case Overview and Summary
Summary of Presidential Decree No. 1217Extending Housing Benefits to Low-Income Families
- The National Housing Authority (NHA) shall finance housing for low-income families proposed by domestic corporations, partnerships, and landowners under the following schemes:
• Affordable interest rates and repayment terms. (Section 1a)
• Graduated amortization scheme where beneficiaries pay smaller amortizations during the initial repayment period. (Section 1b)
• Government subsidy of a portion of the interest payment or a portion of the capital cost of construction. (Section 1c)
Profit Margin for Housing Providers
• Domestic corporations, partnerships, or landowners investing in housing for low-income groups shall be allowed a reasonable margin of profit if lots and dwelling units are sold to low-income groups on easy installment terms or if dwelling units are leased to low-income groups on a monthly rental basis. (Section 2)
Tax Exemptions for Housing Providers
• Real estate taxes on improvements used for housing by low-income groups. (Section 3a)
• Taxes on income derived from installment sales of houses to low-income groups or rental income from low-income groups. (Section 3b)
• Taxes on interest earned due to financing of houses for low-income groups. (Section 3c)
Eligibility and Certification
• The NHA shall define the low-income groups qualified under this decree. (Section 4)
• Housing benefits shall be extended to low-income groups upon certification by the NHA. (Section 4)
• Benefits shall cease if housing units are used by groups other than low-income groups, as decided by the NHA. (Section 4)
• The NHA shall formulate rules and regulations to implement the provisions and intent of this section. (Section 4)
Applicability
• The benefits shall accrue only to new projects and developments certified and approved by the NHA as eligible for the grant under this decree. (Section 5)
Repealing Clause
• All laws, orders, decrees, rules, and regulations inconsistent with this decree are hereby repealed and/or modified accordingly. (Section 6)
Effectivity
• This decree shall take effect immediately. (Section 7)
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Executive Issuances
Presidential Decrees
low-income housing
affordable housing
housing incentives
tax exemptions
National Housing Authority
domestic corporations
partnerships
landowners
interest rates
repayment terms
amortization
government subsidy
profit margin
installment sales
rental income
real estate taxes
income taxes
interest taxes
low-income groups
certification
rules and regulations
new projects
repealing clause
effectivity
Law
Extending Benefits Provided Under Presidential Decree No. 745 Not Only To Employees Or Workers But To Low Income Families In General
Presidential Decree No. 1217
•October 14, 1977
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1217
EXTENDING BENEFITS PROVIDED UNDER PRESIDENTIAL DECREE NO. 745 NOT ONLY TO EMPLOYEES OR WORKERS BUT TO LOW INCOME FAMILIES IN GENERAL
WHEREAS, the Constitution of the Philippines provides that the State shall establish, maintain and ensure adequate social services in the field of housing to guarantee the enjoyment of the people of a decent standard of living;
WHEREAS, the housing problem of the country has grown into a critical magnitude requiring the immediate and concrete institution of measures which can meet the needs of Filipino families for decent dwellings;
WHEREAS, the need to resolve the housing problem therefore calls for a joint venture between the government and the private sector;
WHEREAS, it is incumbent upon the Government to harness and promote housing ventures in terms of capital expenditures, land, expertise and financing including the provision for incentives and facilities to broaden the private sector participation in the housing investment;
WHEREAS, there are domestic corporations and partnerships, which are willing or already have plans to provide...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
low-income housing
affordable housing
housing incentives
tax exemptions
National Housing Authority
domestic corporations
partnerships
landowners
interest rates
repayment terms
amortization
government subsidy
profit margin
installment sales
rental income
real estate taxes
income taxes
interest taxes
low-income groups
certification
rules and regulations
new projects
repealing clause
effectivity
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1217
EXTENDING BENEFITS PROVIDED UNDER PRESIDENTIAL DECREE NO. 745 NOT ONLY TO EMPLOYEES OR WORKERS BUT TO LOW INCOME FAMILIES IN GENERAL
WHEREAS, the Constitution of the Philippines provides that the State shall establish, maintain and ensure adequate social services in the field of housing to guarantee the enjoyment of the people of a decent standard of living;
WHEREAS, the housing problem of the country has grown into a critical magnitude requiring the immediate and concrete institution of measures which can meet the needs of Filipino families for decent dwellings;
WHEREAS, the need to resolve the housing problem therefore calls for a joint venture between the government and the private sector;
WHEREAS, it is incumbent upon the Government to harness and promote housing ventures in terms of capital expenditures, land, expertise and financing including the provision for incentives and facilities to broaden the private sector participation in the housing investment;
WHEREAS, there are domestic corporations and partnerships, which are willing or already have plans to provide...
Login to see full content