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.
Go files housing development bill
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., This news data comes from:http://mhq-bn-rhn-qfod.771bg.com
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Customs recovers 10 more Discaya luxury cars
- Discayas name lawmakers, DPWH officials involved in alleged extortion
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
- Israel flattens high-rise as it tells Gaza City residents to flee
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- North Korea's Kim in China ahead of massive military parade
- Xi meets Modi as China and India seek to rebuild ties
- Marcos embarks on three-day state visit to Cambodia
