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, This news data comes from:http://osf-gcx-cjv-hxjj.xs888999.com
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.
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Comelec defers reconstitution of BARMM parliamentary districts
- Tokyo protests to Beijing over gas field in East China Sea
- Ballots for oct 13 BARMM polls completed – Comelec
- DPWH opens foreign-assisted projects to LGUs
- Court rules on subdivision open spaces, road lots
- House tackles P881B public works budget amid flood control anomalies
- MMDA inks deal with DBM for G-3 program
- Sara mum, but brother thinks Torre removal due to PNP's 'internal conflicts'
