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., This news data comes from:http://wpev-li-itd-dqs.052298.com
- Task force cites new threats to media workers
- COA flags fraud in P342M Bulacan flood control projects
- DPWH to revisit budget, to complete revisions within 2 weeks
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- China's Xi holds talks with North Korea's Kim in Beijing
- Nepali court: Hindu holy men's nudity not obscene
- Earthquake kills 250, injures 500 in Afghanistan
- 13 massage therapists robbed, 2 cry rape
- BuCor chief calls for major reforms
