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.
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.”, This news data comes from:http://qbq-bbd-mkgn-eqs.erlvyiwan.com
”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.
- PH eyes global partners in biggest railway project
- Former PNP chief Torre III offered new government post
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- Tokyo logs record 10 days of 35 C or higher
- DPWH engineer in bribery scandal placed under preventive suspension
- 1 of 2 suspects in Pasay robbery, rape arrested
- Israeli forces seize nearly 0,000 in West Bank raid
- Comelec en banc upholds cancelation of Duterte Youth Party-List registration
- Mayor Sotto slams Discayas, cites lies, ghost firms, and kickback allegations
- PNP disputes China's crime advisory, says Philippines crime rate dropped
