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.
Go files housing development bill
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://tuwn-wk-kg-ja.ycyzqzxyh.com
- Modi, Ishiba agree to boost economic ties
- Planning via ‘gender lens’ to make cities more inclusive — expert
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- Malabon averts crisis with garbage deal
- DMW: 19 distressed OFWs return home from Jeddah
- Famed streetcar in Lisbon, Portugal, derails and crashes, killing 15 people
- NBI slaps Alice Guo, 35 Others with new graft, misconduct cases
- Rise in HFMD cases due to better reporting, not outbreak
- New law lets foreigner investors lease land for 99 years
- Dizon to order DPWH officials to submit courtesy resignation
