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., This news data comes from:http://www.redcanaco.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.
Go files housing development bill
- Israeli protesters demand hostage deal as cabinet meets
- Gasoline, diesel prices to increase by P1 next week
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- LPA off Leyte has low chance of becoming cyclone within 24 hours —Pagasa
- Labubu fans flock to stores after launch of mini dolls
- Gaps in healthcare services remain - study
- Drug war whistleblower Royina Garma returns to PH after US detention
- Thai woman jailed for 43 years for lese majeste freed
- 1 of 2 suspects in Pasay robbery, rape arrested
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
