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.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.
Go files housing development bill
- Monsoon rains flood Mandaluyong, Parañaque — MMDA
- SpaceX cancels Starship megarocket launch in latest setback
- Israel army urges Gaza City residents to leave
- Workers urge Marcos to stop corruption by banning political dynasties
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
- More funding sought for sports commission
- Trump moves to end US tariff exemption for small packages
- Nartatez vows to be fair in making reassignments
- Plea written in blood saves Chinese woman trapped in locked room
- DPWH engineer denies role in Bulacan flood control ‘ghost projects’
