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., This news data comes from:http://oacg.erlvyiwan.com
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.
- Labubu fans flock to stores after launch of mini dolls
- Oil firms to hike pump prices Tuesday
- 'Mockery of science': US experts blast Trump climate report
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- China criticizes Canadian, Australian warships transiting Taiwan Strait
- Comelec probes 15 govt contractors over 2022 election donations
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
- PH, Japan conduct search and rescue exercises
- 100K Pakistanis flee amid flood threat
- Modi reaffirms India's support for Ukraine peace settlement during call with Zelenskyy
