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.”
Go files housing development bill, This news data comes from:http://srj-ow-kmd-viuu.redcanaco.com
”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.
- Public Works Chief Vince Dizon demands courtesy resignations to 'clean house'
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- New law lets foreigner investors lease land for 99 years
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
- DPWH seeks lookout bulletin vs officials, contractors in ghost projects
- Japan PM Ishiba bounces back in polls after election debacle
- Meeting South Korea, Trump could eye new chance with North
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- PH Construction Board asked to address 'accreditation for sale' scandal
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
