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.”
Go files housing development bill, This news data comes from:http://dtn-xtr-qv-urub.gyglfs.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.
- Red Cross head says mass evacuation of Gaza City 'impossible'
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
- Jollibee, DepEd partner to develop quick service restaurant curriculum for senior high
- SpaceX cancels Starship megarocket launch in latest setback
- Israeli army: Gaza City now 'a dangerous combat zone'
- PH doesn't recognize Taiwan as sovereign state, stands by 'One China Policy' -- Foreign Affairs chief
- Comelec probes 15 govt contractors over 2022 election donations
- Hontiveros pushes P15,000 salary hike for teachers
- China 'unstoppable', says Xi with Kim, Putin at his side
- Hopes fading for Putin, Zelenskyy peace summit
