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Federal Land advances portion for socialized housing program

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FEDERAL LAND, Inc. said it is advancing its portion of socialized housing projects to support the government’s effort to address the massive housing backlog.

“The government’s action agenda for housing has never been more urgent than now, and we’ve taken it upon ourselves to advance our portion of socialized housing,” Federal Land President Thomas Mirasol said in a statement.

The Department of Human Settlements and Urban Development requires developers to contribute to socialized housing programs through their own compliance mode.

Mr. Mirasol said the updated policy, which requires 15% horizontal development and 5% vertical project contribution, opened more opportunities for Federal Land to upgrade its participation.

The company complies through the Building a Legacy for the Advancement and Integrity program, which has highest credit among all compliance modes. It is a “non-recoverable non-profit investment equivalent to 5% of the total costs of the main project.”

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Under the program, Federal Land will be in charge of land development to deliver roads, drainage, power, and water lines.

Federal Land has also advanced its escrow by at least a year for more efficient compliance, ahead of the common industry practice. This allows Federal Land to be more expedient in processing the licenses needed for soon-to-be launched social housing projects with DHSUD and chosen LGU partners.

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