NHA gives two-month grace period for amortization, lease payments

The National Housing Authority (NHA) has approved a two-month grace period for amortization or lease payments for all projects, covering residential, as well as commercial, industrial, and institutional (CII) accounts.

The moratorium will cover payments from November 1 to December 31, 2020, with resumption scheduled on January 1, 2020, in line with the Bayanihan to Recover as One Act or Bayanihan 2.

Among those covered by the grace period are individual accounts or community associations; estate and non-estate based CII accounts in the regions with updated accounts as of end-October; and active accounts with arrears of up to three months as of end-October.

"[T]here is no need for housing beneficiaries to apply for this measure as this will automatically be processed for all existing residential and CII account holders. Furthermore, suspended amortization due will not incur delinquency or additional interest charges," the NHA said.

The NHA is tasked to develop and implement a comprehensive and integrated program that covers housing development and resettlement, sources and schemes of financing, and delineation of government and private sector participation, among others.

Bayanihan 2 was signed into law by President Rodrigo Duterte in September, providing a P165.5-billion relief package to finance efforts against the COVID-19 pandemic.

The law also directs public utilities to implement a 30-day grace period of payment of fees falling within the enhanced community quarantine (ECQ) or modified ECQ without incurring interests, penalties and other charges.—AOL, GMA News