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.”
Go files housing development bill, This news data comes from:http://urgudtx.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.
- Protesters storm Discaya compound, Sotto calls for calm
- Napolcom confirms Lt. Gen. Nartatez as acting PNP chief
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- Lacson: DPWH exec sought ‘insertions’
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- May 12 poll results accurate, credible - OCTA Research
- Israel warns Hamas to surrender or face 'annihilation'
- Israeli strikes in Yemen's capital kill six, Houthis say
- Former DPWH chief denies links to corruption
- DPWH exec fired, 2 others face dismissal over flood control mess
