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://gangzhifhm.com
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.
- Portugal mourns after Lisbon streetcar accident kills 15
- ₱1.7M shabu seized in Taguig buy-bust
- New law lets foreigner investors lease land for 99 years
- US strike marks shift to military action against drug cartels
- Pope declares 'God's influencer' first millennial saint
- 15 companies vie for 'Sustainability Champions' award
- Marcos signs laws declaring holidays across PH
- Oil firms to raise fuel prices this week
- DPWH exec asked lawmaker to make budget insertions — Lacson
- Trump moves to cut more foreign aid, risking shutdown
