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.”
”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.redcanaco.com
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
- Denmark summons US envoy over 'attempts to influence' Greenland
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- Marcos leads oath taking of new officers of League of Provinces of the Philippines
- Supreme Court: It’s work as usual in judiciary
- Marcos to youth: Help in nation-building
- Can a giant seawall save Indonesia's disappearing coast?
- Taiwan, China locked in historical word war
- Comelec probes 15 govt contractors over 2022 election donations
- Go files housing development bill
