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, This news data comes from:http://www.jyxingfa.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.
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- India will not 'bow down,' trade minister says after US tariffs
- Lacson to Marcoleta: I don’t want a fight but I won’t back down from one
- Opponents of Japan PM seek leadership contest
- Argentina hunts Nazi-looted painting revealed in property ad
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Jollibee, DepEd partner to develop quick service restaurant curriculum for senior high
- Malacañang calls plot to jail VP Duterte 'wild imagination'
- Ever dream of having an entry in the Guinness World Records? Here's how to do it
- Israel tells residents to leave Gaza City ahead of offensive
