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.”, This news data comes from:http://www.771bg.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.
Go files housing development bill
- Marcos orders full budget review for DPWH amid ghost projects scandal
- No winner in lotto draws for Aug 28
- SpaceX cancels Starship megarocket launch
- Police brutality fuels soaring tensions in Indonesia
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
- Fire breaks out in Manila residential area
- Sara mum, but brother thinks Torre removal due to PNP's 'internal conflicts'
- Japan accelerates missile deployment amid rising regional tensions
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
