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, This news data comes from:http://www.gyglfs.com
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
”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.
- Petitioners challenge claim NAIA fees lowest in Southeast Asia
- 17 House lawmakers press Marcos administration to raise WPS issue to UN
- Anutin elected as Thailand's new prime minister
- Drug war whistleblower Royina Garma returns to PH after US detention
- Comelec upholds cancelation of Duterte Youth registration
- Sara mum, but brother thinks Torre removal due to PNP's 'internal conflicts'
- Eala ousts Day, enters Guadalajara Open final
- 'God's Influencer' to become first millennial saint
- Comelec to resume BARMM polls ballot printing Thursday
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
