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.
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., This news data comes from:http://www.771bg.com
Go files housing development bill
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Palace hits Discayas over ‘misinformation’ on PH film center project
- DFA: No US extradition request for Quiboloy
- Thai opposition's kingmaking summit fails to back new PM
- Pagasa monitors 2 LPAs inside PAR; prevailing 'habagat' brings rain across PH
- Cusi charged over Malampaya deal
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Former PNP chief Torre III offered new government post
- Trump wants to meet Norea Korea's Kim again
