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://771bg.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
- House resumes budget briefings
- Marcos urged to raise WPS resolution at UN
- 'God's Influencer' to become first millennial saint
- Legarda pushes Magna Carta of Waste Workers
- PH to see ‘blood moon’ Sept. 7-8
- Motive probed for US shooting that killed two children, injured 17
- Duterte lawyers take aim at ICC prosecutor
- Marcos 'ready' to undergo lifestyle check- Palace
- Xi slams 'bullying' in speech to regional leaders at summit
- Japan PM decides to quit as opponents seek leadership election
