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.
Go files housing development bill, This news data comes from:http://uaovubbe.771bg.com
- Jollibee, DepEd partner to develop quick service restaurant curriculum for senior high
- 13 massage therapists robbed, 2 cry rape
- Israeli strikes in Yemen's capital kill six, Houthis say
- UK police arrest hundreds in latest Palestine Action demo
- The rot goes deep: Marcos decries decades-old corruption
- Two foreigners face trafficking complaint in Pasay City
- Pope Leo: We must listen first before speaking
- Epstein victims compiling list of sexual abusers
- Thai Court: PM Shinawatra violated ethics rules
- Sen. Go calls for round-the-clock DFA support for OFWs welfare
