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, This news data comes from:http://www.gyglfs.com
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.
- Japan PM Ishiba bounces back in polls after election debacle
- 'I have no resentment,' says Torre after dismissal as PNP chief
- DOST, SM Supermalls partner to empower businesses with sustainable practices
- UK police arrest hundreds in latest Palestine Action demo
- Nartatez vows fair assignments, better resource management as new PNP chief
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- Japan accelerates missile deployment amid rising regional tensions
- Heavy rains flood parts of Metro Manila anew
- Israeli protesters call for hostage deal ahead of cabinet meeting
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
