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://www.jyxingfa.com
- DoJ to begin preliminary investigation into missing cockfighting enthusiasts
- Former DPWH chief denies links to corruption
- Japan pledges continued support for Philippine development projects
- Nepal to block unregistered social media platforms – govt
- Israeli protesters demand hostage deal as cabinet meets
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- No winner in lotto draws for Aug 30
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
- 'Strangest' dinosaur covered in spiked armory — Scientists
- Comelec defers BARMM district reconstitution
