Quoted hereunder is HLURB Board Resolution No. R-843, Series of 2009, Prescrib- ing a Period for the Utilization of Existing Inventories of Socialized Housing Units as Advanced Credit Under Sec. 18 of R.A. 7279, and Amending for this Purpose Section 3(d) of the Implementing Rules and Regulations Thereof,  which was approved by the Board on 24 June 2009:

WHEREAS, Section 18 of Republic Act No. 7279, otherwise known as the Ur- ban Development and Housing Act of 1992 mandates the Housing and Land Use Regulatory Board (HLURB) to promote balance housing development by requiring developers to develop an area for socialized housing equivalent to at least 20% of the total subdivision area or total subdivision project cost;

WHEREAS, Section(d) of the Implementing Rules and Regulations (IRRs) to Govern Section 18 of R.A. No. 7279 allows developers to utilize as advance credit socialized housing projects undertaken by the same and approved by the HLURB after the effectivity of the IRRs;

WHEREAS, the clear intent of Section 18 of R.A. No. 7279 is to develop and increase the production of socialized housing units for underprivileged and homeless Filipinos;

WHEREAS, the intent of the law to boost production of socialized housing units will be better achieved by limiting the period within which old inventories may be utilized as œadvanced credit  compliance to the balanced housing requirement;

WHEREFORE, RESOLVED as it is hereby RESOLVED, that Section 3(d) of the Implementing Rules and Regulations to Govern Section 18 of Republic Act No. 7279 be amended to read as follows:

œSection 3. Mode of Compliance. - xxx

(d) Developers may undertake a large socialized housing project in advance in order to built up a credit balance against which future main subdivision project can draw their 20% requirements.

Only projects approved after the effectivity of the Implementing Rules and Regulations to govern Sec. 18 otherwise known as œBalanced Housing Development  of RA 7279 (UDHA) shall be valid for advance credit,  provided that only socialized housing projects issued License to Sell within ten (10) years from the application for a Certificate of Registration and License to Sell for the main projects, shall be allowed as such compliance. 

APPROVED, this 24^th day of June 2009, Pasay City.

The above was published in The Philippine Star on 30 August 2009, and, in accordance with the provisions of law, will take effect fifteen (15) days from its date of publication, on 14 September 2009.

Please be guided accordingly.

Adopted: 10 Sept. 2009