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., This news data comes from:http://771bg.com
Go files housing development bill
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.
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- Housing secretary declares 'zero-tolerance' policy on corruption
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Comelec completes ballot printing for Bangsamoro elections despite redistricting dispute
- Trump escalates crackdown threats with Chicago 'war' warning
- DSWD program reduced hunger
- Gasoline, diesel prices to increase again next week
- Gasoline, diesel prices to increase by P1 next week
- Makati distributes Blu Card cash aid
- Pasig fire kills child, injures mother as she tries to save him
