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://www.771bg.com
- Israel warns Hamas to surrender or face 'annihilation'
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
- Pagasa monitors 2 LPAs inside PAR; prevailing 'habagat' brings rain across PH
- Alex Eala targets US Open Round of 32 in rematch against Spanish rival
- Dizon asks DOJ to issue immigration lookout bulletin to 26 DPWH officials and contractors
- Ballots for oct 13 BARMM polls completed – Comelec
- Sen. Go calls for round-the-clock DFA support for OFWs welfare
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- Classes suspended in 10 Metro Manila cities due to rains
- Duterte defense files more motions challenging ICC prosecutor
