SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go said the measure aims to meet the country’s growing social housing demands, particularly among underprivileged and homeless citizens.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
The accompanying explanatory statement said the measure “allows local governments to levy a half-percent socialized housing tax on urban land values, with proceeds dedicated to socialized housing and public rental projects.”
”In addition, the bill introduces securitization mechanisms to raise more housing funds through bonds and securities exempted from usual taxes and registration requirements. Private developers will also be incentivized to participate in socialized and low-cost housing projects, with such participation counted toward compliance with balanced housing laws,” it added.
Go files housing development bill, This news data comes from:http://gyglfs.com
- PH has chance of getting UNSC seat - Manalo
- Australia expels Iran ambassador over antisemitic attacks
- Thai opposition holds kingmaking summit deciding new PM
- P270M rock shed useless – Marcos
- Makati distributes Blu Card cash aid
- Jollibee, DepEd partner to develop quick service restaurant curriculum for senior high
- China to bolster non-Western alliances at summit, parade
- Lacson to govt: Protect education budget
- 'Strangest' dinosaur covered in spiked armory – scientists
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
