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://erlvyiwan.com
- Metro Manila disaster agencies expand response areas in preparation for 'Big One'
- SpaceX scrubs latest Starship launch due to bad weather
- Opponents of Japan PM seek leadership contest
- Villanueva: Regularize contractual govt workers
- New Zealand to allow some wealthy foreign investors onto property market
- Washington makes military aid overtures to Sahel juntas
- ICC postpones Duterte's hearing, reviews fitness to stand trial
- Marcos to attend UN meet in New York in Sept- Palace
- Giovanni Lopez pledges to continue and expand DOTr reforms
- Heavy rains flood parts of Metro Manila anew
