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.
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.”, This news data comes from:http://www.redcanaco.com
”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.
- Israel ups pressure on Gaza City
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Malacañang hits back at VP Duterte's criticism on flood scam probe
- Open mic caught Xi, Putin discussing immortality
- LPA may still develop into short-lived tropical cyclone
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- Mexican drug lord faces life in prison after pleading guilty in US court
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- PH, Australia, Canada hold maritime drills in West Philippine Sea
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
