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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 685 -
CLARIFYING LAND TENURE UNDER THE PAMBANSANG BAGONG NAYON PROGRAM UNDER
LETTER OF INSTRUCTIONS NO. 509 |
WHEREAS, Letter of Instructions No.
509 directs the establishment of model Bagong Nayon housing projects in
designated regional growth centers; WHEREAS, under the same Letter of Instructions, housing benefits shall be made available to beneficiaries under a long term lease; WHEREAS, it is a basic desire of project beneficiaries that they own the units they occupy; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct that: 1.
Upon the uninterrupted occupancy of a lessee under
Letter of Instructions No. 509 of a unit for a minimum period as may be
prescribed by the local government and approved by the Authority, said
lessee shall be given an option to purchase the unit provided that he
shall completely and faithfully comply with lease conditions up to the
time of grant of the option to purchase. a)
The acquisition cost of the land 4. Upon the exercise of the option to purchase, title to the land shall be issued to the beneficiary subject to lien in the form of a mortgage to cover the cost determined in number 2 above and still unpaid. Whatever costs were recovered to the date of exercising option due to the design in 3 above shall be credited against the purchase price; provided however, that if the beneficiary availed of lower lease amounts, unpaid amounts which otherwise should have been already recovered will be assessed an accrued interest which shall be made a part of the purchase price. This shall however, be without prejudice to restructuring the loan enjoyed by the beneficiary provided that no restructured loan shall extend for more than 25 years. 5. Land tenure shall be freehold with restrictions. Restrictions applicable or the freehold title shall be proposed by the local government and approved by the National Housing Authority. These restrictions shall be annotated at the back of the title and of other evidences of the ownership. 6. In order to expedite the completion of projects under the Pambansang Bagong Nayon Program, the National Housing Authority is hereby authorized to raise funds for this program from success aside from and in addition to bond issues as specified in Letter of Instructions No. 509 provided that these are prescribed by Presidential Decree No. 757. 7. The provisions of Letter of Instructions No. 509 to the extent that they are inconsistent with the provisions of this Letter of Instructions are hereby amended accordingly. 8. This Letter of Instructions shall take effect immediately. DONE in the City of Manila this 2nd day of April, in the Year of Our Lord, nineteen hundred and seventy-eight. chanrobles virtual law library Back to Main Since 19.07.98.
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