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, This news data comes from:http://www.xs888999.com
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
- SC clarifies rules on land ownership
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Russia hits seat of Ukraine government in war's biggest air attack
- White House fires US health agency head after she refused to quit
- Venezuela builds up border security over US warships
- First millennial saint: Vatican to canonize 'God's Influencer' Carlo Acutis
- DOJ indicts Abra Mining for fraudulent trading
- US agents arrest 475 in Hyundai-LG plant raid
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
- Group presses DA on delayed fertilizer subsidies
