SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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., This news data comes from:http://www.redcanaco.com
- Metro Manila, rest of Luzon would be rainy due to ‘habagat’ —Pagasa
- Housing secretary declares 'zero-tolerance' policy on corruption
- Lacson: DPWH exec sought ‘insertions’
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Israel city honors Quezon’s wartime rescue of Jews
- Choose Ombudsman with integrity, intelligence, insight – Cayetano
- UP journalism professor chides Rep. Gomez over ‘media spin’ claims
- Gasoline, diesel prices to increase again next week
- SpaceX scrubs latest Starship launch due to bad weather
- North Korean leader inspects new missile factory ahead of visit to China
