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://bwmx.redcanaco.com
- Trump threatens Russia with sanctions after biggest aerial attack on Ukraine
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- May 12 poll results accurate, credible - OCTA Research
- Filipino fulfills dream of performing with K-pop group before home fans
- US church shooter 'obsessed with idea of killing children'
- Thailand’s next PM reaffirms fresh polls promise
- PH to host seafarers’ welfare forum
- NKorea could produce ten to twenty nukes per year — SKorea leader
- Comelec completes ballot printing for Bangsamoro elections despite redistricting dispute
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
