The Socialized and Low-Cost Housing Loan Restructuring Act of 2004

The House Bill No. 241 that introduces by Rodriguez D. Dadivas is an act to establish a socialized and
low-cost housing loan restricting program, providing the mechanisms therefor, and for other purposes.

Socialized and Low-Cost Housing Loan Restructuring Act of 2004 established for in keeping with the
constitutional mandate for the state to undertake a continuing program of urban land reform and
housing will make more available and affordable cost descent housing and basic needs and services.

Under this program it is stated that for three years from the effectivity of this Act, all socialized loans
from the 225,00 below to over 225,000 but not exceeding from 500, 000 with any of the government
financing institutions and agencies involve in the National Shelter Program or the NSP that have at least
six months unpaid monthly amortization area herby declared covered by the benefits of this
restructuring program that the same account will avail of the benefits of a previous restructuring or
condonation program even if that total family income of the borrower-applicant exceed with the
300,00. An applicant for restructuring shall only be charged a processing fee which shall be lower than
those charged under previous restructuring and no down payment shall be required for borrower to
apply for the benefits of this restructuring program, also all penalties and surcharges shall be condoned
upon approval of the application of this act.

In this act the exclusion from coverage which has no instance is an account that has been foreclosed, the
title will be transferred in the name of the financing institution of the government and the distribution
of the government institution to the National Shelter Program will be limited to the net earnings derived
from their housing program. This act will apply to borrowers who failed or refused to pay their monthly
amortization substandard housing units or subdivisions lacking in basic amenities such as water, light,
good roads, and others as required by law and by implementing the rules and regulation hereby created
an inter-agency committee headed by the Housing and Urban Development Coordinating Council and
composed of all government institutions and agencies tasked to promulgate the implementing rules and
regulations within 60 days from the effectivity of this Act.