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://pt-yiwh-ouuq-pe.052298.com
- Marcos names acting Ombudsman
- Marcos 'ready' to undergo lifestyle check- Palace
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Marcos wants subpoena power for body investigating flood projects
- Wildfires producing 'witches' brew' of air pollution – UN
- Recto: No exemption for US tech firms from digital tax
- 2 LPAs monitored inside PAR, bringing rain to Luzon
- 102-year-old becomes oldest person to summit Mount Fuji
- Need to pee? Japan has QR code for that
- Discaya’s construction companies competed against each other during biddings
