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.”
”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, This news data comes from:http://gyglfs.com
- Navotas inks deal for school feeding project
- Social pension eyed for indigent seniors
- ‘God’s Influencer’ to become first millennial saint
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- Israeli protesters call for hostage deal ahead of cabinet meeting
- Retired NBI agents urge Marcos to appoint career official to replace Santiago
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Venezuela builds up border security over US warships
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- DPWH opens foreign-assisted projects to LGUs
