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.gyglfs.com
- DPWH told to build evacuation centers
- Giovanni Lopez pledges to continue and expand DOTr reforms
- Govt debt swells to record P17.58T
- Indonesian police officer fired over killing that sparked protests
- Pump prices increase for 2nd straight week
- Scramble for survivors as Afghan earthquake death toll passes 1,400
- Two foreigners face trafficking complaint in Pasay City
- Metro Manila, rest of Luzon would be rainy due to ‘habagat’ —Pagasa
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
