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://gbyucbl.gangzhifhm.com
- US appeals court blocks Trump's use of wartime law for deportations
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Giovanni Lopez pledges to continue and expand DOTr reforms
- House bill seeks to regulate AI use
- Sara mum, but brother thinks Torre removal due to PNP's 'internal conflicts'
- SEARCH WARRANT
- Aid flotilla with Greta Thunberg set to sail for Gaza
- 15 drug war victims cleared to join Duterte's ICC case
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- US appeals court finds Trump's global tariffs illegal
