Housing fair set in October

A nationwide housing fair will be held by the government and private sector as part of the Shelter Month activities in October, wherein thousands of acquired properties in the different sites nationwide will be sold.
Assistant Secretary Pamela Felizarta, Housing and Urban Development Coordinating Council (HUDCC) deputy secretary general,  said during  the fair,  government housing agencies, government financial institutions (GFIs) and  government owned and operated corporations (GOCCs) involved in the housing sector will sell their acquired assets to prospective homebuyers at better prices.
“It will be a nationwide activity with 45,000 to 50,000 acquired housing units offered for sale in the different sites during the housing fair,” she said.
The fair this year will be held in coordination with the Construction and Real Estate Builders Association of the Philippines with the support of the Shelter Agencies of the government namely Pag-IBIG Fund, National Home Mortgage Finance Corporation, Bangko Sentral ng Pilipinas, Government Service Insurance System, Social Security System and other related agencies. The Housing Fair in Davao City on October 28 to 30, 2009 will be held at NCCC Mall, Matina, this city.
She said that the government housing sector is hopeful that with  the new condonation law, the volume of acquired assets will be reduced considerably.
Housing fairs in the past have been effective in disposing  of acquired properties and not as much as when fairs were not held.
Housing fairs started in 1995 but it was institutionalized in 2006 by Vice President De Castro as he directed all shelter agencies to sell their acquired assets first to government employees but in the succeeding years these assets were also offered to other employees and Overseas Filipino Workers (OFWs).
During the Housing Fairs there will also be exhibits of new housing sites by real estate developers not only on the selling of housing packages but also commercial lots.
There will be requirements of the housing agencies with regards disposition of properties and she said for Pag-IBIG Fund interest rates is at 6 percent for any amount up to P2 million payable in 30 years.
Pag-IBIG Fund also offers discounts of 20 percent for cash buyers and 15 percent upfront discount for housing loans plus 5 percent additional occupancy discount for litigation if occupied. It requires 15 percent downpayment and P1,000 reservation fee.