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, This news data comes from:http://cntl-cis-ty-lij.052298.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.
Go files housing development bill
- Japan PM decides to quit as opponents seek leadership election
- Giovanni Lopez pledges to continue and expand DOTr reforms
- CFO office moves from Quezon City to Pasay
- Trump wants to meet Norea Korea's Kim again
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- Marcos opens Hyundai's shipyard in PH
- South Korea's Lee faces pivotal test at first summit with Trump
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- Pagasa monitors 2 LPAs inside PAR; prevailing 'habagat' brings rain across PH
- 'Perfect storm': UK fishermen reel from octopus invasion
