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., This news data comes from:http://erlvyiwan.com
Go files housing development bill
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.
- PH Construction Board asked to address 'accreditation for sale' scandal
- China's Xi holds talks with North Korea's Kim in Beijing
- Iran says open to US nuclear talks, rejects missile curbs
- Pagasa: Rainy Monday over Visayas, Luzon areas due to LPA, 'habagat'
- ICC postpones Duterte's hearing, reviews fitness to stand trial
- Sotto takes oath as Senate president
- Taylor Swift, Travis Kelce engaged
- Palestinian Embassy echoes PH appeal for ceasefire in Gaza
- Go Negosyo, CFO push migrant empowerment
- SSS pension reform program starts in September
