Guaranty Coverage and Composition of Guaranteed Accounts.
Section 15
SEC. 15. Guaranty Coverage and Composition of Guaranteed Accounts. - (a) The Corporation shall guaranty payment of the balance outstanding and due on the guaranteed principal obligation, plus interest and yields thereon up to eleven percent (11%) per annum for socialized housing packages; ten percent (10%) per annum for low-cost housing packages; nine and one-half percent (9.5%) per annum for medium-cost housing packages; and eight and one-half percent (8.5%)per annum for open housing packages; (b) The Corporation shall guarantee accounts under this Act, as follows: (1)At least forty percent (40%) of guaranty accounts shall be allocated for socialized housing packages; (2) At least thirty percent (30%) of guaranty accounts shall be allocated for low-cost housing packages; (3) At least twenty percent (20%) of guaranty accounts shall be allocated for medium-cost housing packages; and (4) Not more than ten percent (10%) of guaranty accounts may be allocated for open housing packages. For the foregoing purpose, the respective ceilings for socialized, low-cost, medium-cost, and open housing shall be jointly determined by the Housing and Urban Development Coordinating Council and the National Economic and Development Authority: Provided, That at any time, but not more often than once every two (2) years, such ceilings may be reviewed or revised to conform to prevailing economic conditions. (c) The Corporation shall as much as possible and practicable, allocate its guaranty obligations fairly and equitably among all the regions of the country.