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.jyxingfa.com
- Cusi charged over Malampaya deal
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
- Monsoon rains flood Mandaluyong, Parañaque — MMDA
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- Rubio says US warned France on Israel annexation moves
- 20 people missing after deadly Indonesia protests
- Chinese sleeper agents' and PLA operatives a threat, Lacson warns
- PNP chief leads fun run
- Navotas holds anti-plastic drive
- Workers urge Marcos to stop corruption by banning political dynasties
