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., This news data comes from:http://www.052298.com
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- Scramble for survivors as Afghan earthquake death toll passes 1,400
- Malabon shifts garbage disposal to Rizal landfill after Navotas closure
- Denmark summons US envoy over 'attempts to influence' Greenland
- Venezuela deploys warships, drones as US destroyers draw near
- Marcos orders full budget review for DPWH amid ghost projects scandal
- Drug war victims ready to face Duterte as ICC sets hearing on crimes against humanity
- Brawner orders troops: Stop China from boarding BRP Sierra Madre at all costs
- Court rules on subdivision open spaces, road lots
- Marcos, first lady visit Cambodia to boost ties
