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://wt-ll-vlln-nsgh.gyglfs.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.
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- SEARCH WARRANT
- Putin lands in Tianjin for summit hosted by China
- Portugal mourns after Lisbon streetcar accident kills 15
- 'Ondoy'-level rains swamp Quezon City
- Labubu fans flock to stores after launch of mini dolls
- Comelec probes 15 govt contractors over 2022 election donations
- Govt monitoring Chinese ‘sleeper agents’ in PH
- Govt preparations for WorldSkills PH hosting go 'full blast'
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
