Section 9October 13, 2008, Sec./Art. 9

Congressional Oversight Committee. - There is hereby created a Congressional Oversight Committee composed of the Chairman of the Senate Committee on Urban Planning, Housing and Resettlement and the Chairman of the House Committee on Housing and Urban Development, four (4) members of the Senate and four (4) members of the House of Representatives. The members from the Senate shall be appointed by the Senate President from among the members of the Senate Committee on Urban Planning, Housing and Resettlement based on the proportional representation of the parties or coalition therein. The members from the House of Representatives shall be appointed by the Speaker from among the members of the House Committee on Housing and Urban Development based on the proportional representation of the parties or coalitions therein.

The Oversight Committee upon review and approval of the Implementing rules and regulations shall become functus officio and therefore cease to exist: Provided, however, That the GFIs and housing agencies cited in Section 3(a) hereof shall submit to the Committee on Urban Planning, Housing and Resettlement of the Senate and the Committee on Housing and Urban Development of the House of Representatives an annual report on the availment of the loan restructuring and condonation program under this Act.