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
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.erlvyiwan.com
- 'Mockery of science': US experts blast Trump climate report
- Lacson to give Dizon 'damning' proof vs DPWH 'rotten fruits'
- Four children killed by parents in Dominican Republic — police
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- Sara Duterte calls DPWH flood control Inquiry a 'Zarzuela'
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- COA launches sweeping audit of flood control projects
- Trump moves to cut more foreign aid, risking shutdown
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
