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.”, This news data comes from:http://whst-yx-uua-gb.redcanaco.com
”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
- Over 800 killed as quake rocks Afghanistan
- Galvez to MILF: Resolve divisions, protect Bangsamoro peace gains
- North Korea's Kim oversees ICBM engine test — state media
- New DPWH chief Dizon: "A department can't investigate itself"
- Two dead as strong earthquake jolts Afghanistan
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- Group presses DA on delayed fertilizer subsidies
- Thailand set for vote on new PM after dissolution bid rejected
- Nartatez relieves Fajardo as PNP spokesman
- International media protest over journalist deaths in Gaza
