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://www.yamato-syokunin.com
- Lone bettor wins P86M in 6/42 lotto draw for Sept 6
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- Gasoline, diesel prices to increase again next week
- Youth group to SC: Stop postponement of BSKE
- PNP chief Torre relieved, Nartatez to take over
- Students, faculty file complaint against Universidad de Manila president
- Comelec to open nearly two-year overseas voter registration for 2028 elections
- US appeals court blocks Trump's use of wartime law for deportations
- Trump moves to cut more foreign aid, risking shutdown
- HFMD cases on the rise
