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://www.771bg.com
- China's Xi holds talks with North Korea's Kim in Beijing
- Comelec to open nearly two-year overseas voter registration for 2028 elections
- DPWH opens foreign-assisted projects to LGUs
- Taiwan, China locked in historical word war
- ‘Large shark’ kills man off Sydney beach
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
- Maryland resident is diagnosed with New World screwworm. What to know about the parasite
- Trump wants to meet Norea Korea's Kim again
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Putin and Modi in China for summit hosted by Xi
