SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.”
”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://fyhl-xav-to-nm.redcanaco.com
- Catholic, Greek Orthodox clergy to stay in Gaza City to help weakest
- UP journalism professor chides Rep. Gomez over ‘media spin’ claims
- Washington makes military aid overtures to Sahel juntas
- BCDA honored for UN sustainable development goals at Manila Times Awards
- Peace efforts in limbo as Kyiv mourns 23 dead
- Marcos soon to create commission to probe flood control projects
- Escudero says new lease law to make PH more appealing to investors
- AFP: It would take more than a tugboat to tow BRP Sierra Madre from Ayungin Shoal
- Manila mayor warns against mobs, orders police to maintain peace and order
- Wife of Australian man wanted in police killings urges him to surrender
