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.
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.”
Go files housing development bill
”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://wkg.771bg.com
- PNP chief Torre relieved from post — Palace
- ‘God’s Influencer’ to become first millennial saint
- Widespread flooding in Quezon City due to heavy rains, stranding commuters, rendering most roads impassable to vehicles
- Plea written in blood saves Chinese woman trapped in locked room
- Dizon to order DPWH officials to submit courtesy resignation
- Comelec probes 15 contractors for illegal campaign donations
- Comelec completes ballot printing for Bangsamoro elections despite redistricting dispute
- China criticizes Canadian, Australian warships transiting Taiwan Strait
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- Indonesian leader fires ministers of finance and security after deadly protests
