The bureau just recently issued the Revenue Memorandum Circular No. 36-2014 to clarify the price ceiling of socialized lot only pursuant to Revenue Regulations (RR) No. 11-97, RR 17-01 and Housing and Urban Development Coordinating Council (HUDCC) Resolution No. 1, Series of 2013.
Under the circular, the definition of socialized housing was provided in Revenue Regulations (RR) No. 11-97 and reiterated in RR 17-01 to wit:
"Socialized Housing - refers to housing programs and projects covering houses and lots or homelots only that are undertaken by the government or the private sector for the underprivileged and homeless citizens, which shall include sites and services development, long-term financing, liberalized terms on interest payments, and as such other benefits in accordance with the provisions of Republic Act 7279.
"A socialized housing unit shall not exceed P150,000 (now P450,000.00 per issuance of HUDCC Memorandum Circular No. 1, Series of 2013 promulgated on October 16, 2013) for a house and lt package, subject to periodic adjustment or increase as the Housing and Land Use Regulatory Board (HLURB) may effect forty percent (40%) of the maximum limit prescribed for the house and lot package."
The P450,000.00 price ceiling applies to house and lot package, and that if only lot is sold, the price ceiling should only be P180,000/lot (40% of P450,000).
Please refer ftp://ftp.bir.gov.ph/webadmin1/pdf/86275RMC%20No%2036-2014.pdf of the full text of RMC No. 36-2014.
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