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., This news data comes from:http://redcanaco.com
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.
Go files housing development bill
- DSWD's guarantee letters now accepted in more establishments
- South Korean prosecutors indict Yoon's wife, former PM
- 'Lannie' exits PH — Pagasa
- Protesters storm Discaya compound, Sotto calls for calm
- DPWH exec fired, 2 others face dismissal over flood control mess
- AKG chief denies using ‘kidnap’ car for personal purposes
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
- Xi meets Modi as China and India seek to rebuild ties
- Firefighters arrested by US immigration officials
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
