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., This news data comes from:http://771bg.com
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.
- Four children killed by parents in Dominican Republic — police
- Pump prices increase for 2nd straight week
- Comelec completes ballot printing for Bangsamoro elections despite redistricting dispute
- Ballots for oct 13 BARMM polls completed – Comelec
- Duterte Youth brings Comelec cancelation battle to Supreme Court
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- Indonesia leader orders investigation into driver's protest death
- Some areas in Metro Manila, Bulacan to have brownouts due to maintenance work
- Court rules on subdivision open spaces, road lots
- Russian drone, missile attack kills 14, injured 48 in Kyiv
