House Bill No. 1323, also known as the \"Home Financing Act\", was filed by then Representative Floro Crisologo. The precursor of the HGC Charter, Republic Act (R.A.) 580, establishing the Home Financing Commission with an initial budget of P5 Million, was signed into law by then President Elpidio Quirino.
The first HFC Board of Directors convened at the Banker's Committee Room, Phil-Bank of Commerce Building , Plaza Sta. Cruz, Manila. The first Board Resolution was passed approving the organizational and functional charts of the Commission.
Chairman Jose V. Andrada of the Home Financing Commission (HFC) opposed Proposal No. 70 of the Government Survey and Reorganization Commission (GSRC) to abolish the HFC. The GSRC proposed to integrate the functions of HFC with those of the People's Homesite and Housing Corporation (PHHC) and create a new housing authority.
Chairman Andrada said the proposal did not consider the conflicting functions of the two entities. The PHHC is mandated to aid in slum clearance and promote low-cost housing and rental programs. HFC, on the other hand, is mandated to encourage private investors into housing development. According to him, the proposal would prejudice the home development program of Government.
Republic Act 1557 was approved, amending the HFC Charter R.A. 580. The aided self-help approach in housing provision was introduced.
To mobilize resources for housing through a system of credit guarantees and incentives
Improved private sector participation in addressing the Nation's housing needs through a viable system of credit guarantees
Integrity
Accountability
Commitment
Innovation
Excellence
Synergy
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