SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://www.771bg.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.
Go files housing development bill
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.
- Ukraine says Russia linked to lawmaker's killing
- Mass housing developers laud Pag-IBIG Fund
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- Meeting South Korea, Trump could eye new chance with North
- Fears of new political crisis grip France
- Protesters storm Discaya compound for second straight day
- Chinese bridge collapse kills at least 12 construction workers
- 2028 polls overseas voter registration opens in Dec
- MPD announces road closures for Bar exams
- Dizon asks DOJ to issue immigration lookout bulletin to 26 DPWH officials and contractors
