SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.ycyzqzxyh.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.
- US approves .5M in assistance to Nigeria to help address hunger
- PH doesn't recognize Taiwan as sovereign state, stands by 'One China Policy' -- Foreign Affairs chief
- LPA trough, 'habagat' to bring rains in parts of Luzon, including Metro Manila
- Quezon City hails directive for national projects to get local permits
- Mandela grandson says he will join Gaza aid boat
- SpaceX cancels Starship megarocket launch in latest setback
- Senate cites former Bulacan assistant district engineer in contempt
- Drug war whistleblower Royina Garma returns to PH after US detention
- Marcos opens WorldSkills Asean competition
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
