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., This news data comes from:http://hwr-rxf-mtyb-kyn.erlvyiwan.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.
- Trump moves to cut more foreign aid, risking shutdown
- Wife and ally of ousted SKorean president indicted by special prosecutors
- China to bolster non-Western alliances at summit, parade
- Ex-DPWH engineer now under PNP custody
- Over 800 killed as quake rocks Afghanistan
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Gaza at 'breaking point,' says UN food agency chief after visit
- India's Modi seeks closer ties on Asia tour to offset US tariff fallout
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- Palace slams Discaya couple's denial in Film Heritage Building debacle
