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.
Go files housing development bill
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.”
”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://jh-vwbm-hw-xn.redcanaco.com
- Supreme Court: It’s work as usual in judiciary
- Filipino member of AHOF K-pop group says Manila concert a dream come true
- North Korea's Kim in China ahead of massive military parade
- Cambodia MPs pass law allowing stripping of citizenship
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Australia halts logging for koala haven on eastern coast
- Japan govt seeks to triple spending on drones
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
- Group presses DA on delayed fertilizer subsidies
- Customs preparing report on Discayas’ 28 luxury cars
