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
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., This news data comes from:http://gangzhifhm.com
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Makati earns high rating in anti-trafficking and violence assessment
- Venezuela deploys warships, drones as US destroyers draw near
- PH to host seafarers’ welfare forum
- Gasoline, diesel prices to increase again next week
- Ukraine offers to co-produce drones with Philippines for maritime patrols
- Major road closures in Manila announced for 2025 Bar Examinations
- Trump moves to limit US stays of students, journalists
- Duterte lawyers take aim at ICC prosecutor
- AKG chief denies using ‘kidnap’ car for personal purposes
