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://wgpv-xtlh-ms-rix.gyglfs.com
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- President Marcos Jr. visits Cambodia to strengthen ties
- Roxas matriarch, 91
- PH economic losses hit 100B from corruption in flood control projects
- Nepal to block unregistered social media platforms – govt
- Putin ready to invade other countries, says Polish president
- French PM ousted in parliament confidence vote
- Actress Angel Aquino victim of 'deepfake,' seeks prosecution of perpetrators of cyber pornography
- Laws signed on holidays, court branches
- Meralco: Lower electricity rates expected for Sept
