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., This news data comes from:http://ms.052298.com
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.”
Go files housing development bill
”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.
- Wife and ally of ousted SKorean president indicted by special prosecutors
- Tokyo protests to Beijing over gas field in East China Sea
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Vico Sotto could challenge VP Sara in 2028 race – survey
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- Widespread flooding in Quezon City due to heavy rains, stranding commuters, rendering most roads impassable to vehicles
- EU massive fine against Google draws Trump threat
- Public Works chief to press criminal charges against Bulacan engineer
- Trump: Many Americans ‘like a dictator’
