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
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
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.
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- LPA east of Surigao del Sur may intensify into tropical depression
- Navotas inks deal for school feeding project
- Putin threatens to target Western troops in Ukraine
- ChatGPT to get parental controls after teen's death
- EU massive fine against Google draws Trump’s ire
- Suspect in 2012 killing of Dutch aid worker freed
- Islamic State claims deadly attack on Pakistan rally
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- Giovanni Lopez pledges to continue and expand DOTr reforms
