REVENUE MEMORANDUM CIRCULAR NO. 35-2014 issued on May 8, 2014 circularizes relevant portions of Housing and Urban Development Coordination Council (HUDCC) Resolution No. 1, Series of 2013, approving the adjustment of price ceiling for socialized housing.

           Beginning December 18, 2013, the newly adjusted price ceiling of P 450,000.00 for horizontal socialized housing shall apply to sale of real properties utilized for socialized housing, as defined under Republic Act (RA) No. 7279, otherwise known as the “Urban Development and Housing Act”, and other related laws.

          All revenue issuances with provisions specifically mentioning the old price ceiling of socialized housing units such as Revenue Regulations (RR) No. 2-98, as amended by RR No. 17-2001 and RR No. 16-2005, are amended or modified accordingly.