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.771bg.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.
- New DPWH chief Dizon: "A department can't investigate itself"
- Supreme Court: It’s work as usual in judiciary
- Trump moves to cut more foreign aid, risking shutdown
- Go files housing development bill
- SpaceX scrubs latest Starship launch due to bad weather
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- Lacson seeks probe of 2 PH contractors' board members for conflict of interest
- SSS rolls out historic pension reform program
- Bersamin letter proves Torre reassignments ‘valid’
- Motive probed for US shooting that killed two children, injured 17
