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.
Go files housing development bill
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://flvalsx.gyglfs.com
- CFO office moves from Quezon City to Pasay
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- House holds budget review with 21 civil society organizations
- US agents arrest 475 in Hyundai-LG plant raid
- Philippines to launch shame campaign vs traffic violators
- Australia's mushroom murderer faces victims' family in court
- Australia government condemns anti-immigration rally in Sydney
- Sri Lanka ex-president Wickremesinghe hospitalized after arrest
- PH eyes global partners in biggest railway project
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
