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://yamato-syokunin.com
- Duterte Youth brings Comelec cancelation battle to Supreme Court
- Four children killed by parents in Dominican Republic — police
- Rubio says US warned France on Israel annexation moves
- Private groups back DHSUD chief's anti-corruption policy
- CFO moves office from QC to Pasay
- BuCor chief calls for major reforms
- DSWD's guarantee letters now accepted in more establishments
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- Marcos expresses support for ‘beleaguered’ Cabinet members
- 2 LPAs monitored inside PAR, bringing rain to Luzon
