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.
Go files housing development bill
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation., This news data comes from:http://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.”
”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.
- Marcos, first lady visit Cambodia to boost ties
- Pagasa sees cyclone-free week across PH
- Trump to blacklist countries for imprisoning Americans
- PH to see ‘blood moon’ Sept. 7-8
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- US warship heading toward Caribbean Sea
- P1.7-M shabu seized in Taguig buy-bust
- Gaps in healthcare services remain - study
- DPWH seeks lookout bulletin vs officials, contractors in ghost projects
- Red Cross head says mass evacuation of Gaza City 'impossible'
