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.
Go files housing development bill, This news data comes from:http://redcanaco.com
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.
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- P270M rock shed useless – Marcos
- Thai Court: PM Shinawatra violated ethics rules
- La Niña forecast from Sept-Dec, expect more tropical cyclones, above normal rainfall -- Pagasa
- Marcos mum on Magalong joining independent commission for DPWH probe
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Manila Water announces service disruption for over 12K households in Mandaluyong due to leak repair
- Tokyo logs record 10 days of 35 C or higher
- Hontiveros urges probe on Chinese faking Filipino identity
- LPA may still develop into short-lived tropical cyclone
