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.
Go files housing development bill, This news data comes from:http://www.771bg.com
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
”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.
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- Pakistanis no reprieve from floods yet
- Bishops demand broad probe into flood project corruption
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- ‘Large shark’ kills man off Sydney beach
- LPA over West PH Sea develops into tropical depression, now called ‘Jacinto’ -- Pagasa
- PH has chance of getting UNSC seat - Manalo
- Alice Guo faces new cases over POGO land
- Social media erupts: Politicians' children face backlash for flaunting wealth
- Pagasa sees two to four tropical cyclones hitting Philippines in September
