SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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.052298.com
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.
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
- Comelec delays implementation of decision disqualifying Duterte Youth Party-List
- Trump moves to end US tariff exemption for small packages
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- Group presses DA on delayed fertilizer subsidies
- Trump: Many Americans ‘like a dictator’
- New law lets foreigner investors lease land for 99 years
- Gasoline, diesel price hikes seen next week
- COA probes Iqbal on spending of P1.7B in one day
