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, This news data comes from:http://aichuwei.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.”
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.
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Modi reaffirms India's support for Ukraine peace settlement during call with Zelenskyy
- 95 IMAGES OF MARY
- Palace hits Discayas over ‘misinformation’ on PH film center project
- SC orders comment on petitions vs polls
- Putin lands in Tianjin for summit hosted by China
- Israel military says controls 40 percent of Gaza City
- Philippines to work more closely with US amid regional challenges
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- La Niña may return but temperatures will remain high, UN says
