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.”
Go files housing development bill, This news data comes from:http://mopu-cv-lxb-elx.aichuwei.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.
- Roxas matriarch Judy Araneta-Roxas, 91
- Two dead as strong earthquake jolts Afghanistan
- Peace efforts in limbo as Kyiv mourns 23 dead
- House holds budget review with 21 civil society organizations
- 'I have no resentment,' says Torre after dismissal as PNP chief
- Pump prices increase for 2nd straight week
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- LPA east of Surigao del Sur may intensify into tropical depression
- Legarda pushes Magna Carta of Waste Workers
- Group presses DA on delayed fertilizer subsidies
