SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://oyk-kvbr-pic-xuf.052298.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.”
”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.
- Public Works chief to press criminal charges against Bulacan engineer
- Pope Leo: We must listen first before speaking
- Marcos orders full budget review for DPWH amid ghost projects scandal
- UK, Japan, South Korea endure hottest summer on record
- Former PNP chief Torre III offered new government post
- Marcos mum on Magalong joining independent commission for DPWH probe
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Chinese tourist city Sanya shuts down as typhoon intensifies
- Alex Eala makes history With comeback victory at US Open
- 1 in 4 people lack access to safe drinking water — UN
