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://nroy-ps-ha-ro.705-888.com
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- Marcos soon to create commission to probe flood control projects
- New Zealand to allow some wealthy foreign investors onto property market
- Indonesian finance minister's home looted as protest anger grows
- DoJ to begin preliminary investigation into missing cockfighting enthusiasts
- DSWD program reduced hunger
- PNP chief Torre relieved, Nartatez to take over
- Marcos expresses support for ‘beleaguered’ Cabinet members
- Mandela grandson says he will join Gaza aid boat
- GoTyme gives customers 20 free InstaPay transfers per month
