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.
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://hutw-wjet-oah-xefi.jyxingfa.com
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
- Passenger with fake Overseas Employment Certificate barred from leaving
- SSS rolls out historic pension reform program
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- Israeli army: Gaza City now 'a dangerous combat zone'
- NBI slaps Alice Guo, 35 Others with new graft, misconduct cases
- Famed streetcar in Lisbon, Portugal, derails and crashes, killing 15 people
