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, This news data comes from:http://skbg.redcanaco.com
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
”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.
- New Zealand to allow some wealthy foreign investors onto property market
- Marcos signs laws creating more court branches
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
- Lacson to govt: Protect education budget
- Putin and Modi in China for summit hosted by Xi
- Modi: India, Japan to 'shape the Asian century'
- Kris Aquino is alive, says friend amid reports of death
- US agents arrest 475 in Hyundai-LG plant raid
- UK, Japan, South Korea endure hottest summer on record
- Customs preparing report on Discayas’ 28 luxury cars
