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, This news data comes from:http://sbkciw.erlvyiwan.com
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.”
”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.
- Group: Register for free PhilHealth medicines
- SEARCH WARRANT
- Customs finds only 2 luxury cars at contractor's compound in Pasig
- ‘Large shark’ kills man off Sydney beach
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- PNP chief Torre relieved, Nartatez to take over
- Japan PM Ishiba bounces back in polls after election debacle
- Budget shortfall narrows in July
- LPA over West PH Sea develops into tropical depression, now called ‘Jacinto’ -- Pagasa
- Makati distributes Blu Card cash aid
