NON-IMPAIRMENT CLAUSE:
CONTRACTS BY HGC, including ACCRUED
-EXCEPT IF INCONSISTENT
SECTION 6. Precedence of Proclamations. —
All obligations arising from the contracts entered into by the Home Guaranty Corporation
pursuant to the implementation of Proclamation No. 1826, Series of 1979, Proclamation No. 137, Series of 1987, Proclamation No. 248, Series of 1993, Proclamation No. 1169, Series of 1998;
including vested rights that have accrued
shall remain valid, legal and unassailable so long as they are consistent with the provisions of this Act:
ALL CONVEYANCE CONTRACTS
SHALL BE ENTERED INTO BY:
- HUDCC
- NHA
Provided, That all conveyance contracts to be executed after the approval of this Act shall be entered into by the Housing and Urban Development Coordinating Council or the National Housing Authority:
- TRANSFERRED TO NHA:
TRUSTEESHIP FUNCTION OF HGC OVER NGCHP (WEST)
-EXCEPT: PROPRIETARY INTTEREST OF HOME GUARANTY CORPORATION
Provided, finally, That
the trusteeship function of the Home Guaranty Corporation over the National Government Center Housing Project (West side)
as provided for under the Inter-Agency Memorandum of Agreement among the Department of Environment and Natural Resources, Department of Finance, Home Insurance and Guaranty Corporation (now Home Guaranty Corporation), the National Government Center Housing Committee and Housing and Urban Development Coordinating Council dated May 04, 1989 and Trust Agreement between Housing and Urban Development and Coordinating Council and Home Insurance and Guaranty Corporation (now Home Guaranty Corporation) dated May 4, 1990, excluding those where the Home Guaranty Corporation has acquired proprietary interest such as the Commonwealth Enterprise Zone is hereby transferred to the National Housing Authority
ALL LANDS DISPOSED BY GOV'T FOR HOUSING PROGRAMS BEFORE AND AFTER THIS ACT, EXEMPT FROM CGT
SECTION 7. Tax Exemption . — All lands already sold and/or disposed by the government pursuant to the existing housing programs and those will be disposed and/or sold after the effectivity of this Act shall be exempted from payment of Capital Gains Tax.
CONGRESSIONAL OVERSIGHT COMMITTEE: MONITORS DISPOSITION OF LAND
SECTION 8. Oversight Committee. — There is hereby created a Congressional Oversight Committee to monitor the disposition of land subject of this Act.
COMPOSITION
- 3 SENATORS
-APPOINTED BY SP
- 3 HReps
-APPOINTED BY SPEAKER
The committee shall be composed of three (3) Senators and three (3) Representatives to be appointed by the Senate President and the Speaker of the House of Representatives, respectively.
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IRR WITHIN 30 DAYS
SECTION 9. Implementing Rules and Regulations. — Within thirty (30) days from the effectivity of this Act, the National Government Center Administration Committee shall promulgate the rules and regulations to effectively implement the provisions of this Act.
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