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.
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, This news data comes from:http://uptwhuro.771bg.com
- Giovanni Lopez pledges to continue and expand DOTr reforms
- Pag-IBIG: More than 25k register for socialized housing units under Expanded 4PH
- Marcos mum on Magalong joining independent commission for DPWH probe
- Marcos orders lifestyle checks on all government officials amid flood control probe
- Maryland resident is diagnosed with New World screwworm. What to know about the parasite
- Preliminary report on Lisbon funicular accident expected
- Appointments panel holds first session
- Manila mayor warns against mobs, orders police to maintain peace and order
- Made in China? The remarkable tale of Venice's iconic winged lion
- Afghanistan earthquake kills more than 800
