SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill, This news data comes from:http://wopb-dfln-ejh-de.gangzhifhm.com
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.
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Super Sale: Pag-IBIG offers 40% off on foreclosed assets
- 100K Pakistanis flee amid flood threat
- DMW: 19 distressed OFWs return home from Jeddah
- Chinese tourist city Sanya shuts down as typhoon intensifies
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- Mexican senators come to blows after heated debate
- Makati earns high rating in anti-trafficking and violence assessment
