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., This news data comes from:http://www.771bg.com
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
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.
Go files housing development bill
- Trump moves to limit US stays of students, journalists
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- Vietnam evacuates thousands ahead of Typhoon Kajiki
- Retired NBI agents urge Marcos to appoint career official to replace Santiago
- Protesters storm Discaya compound, Sotto calls for calm
- Xi and Putin round on West at regional summit in China
- LPA may still develop into short-lived tropical cyclone
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
- SSS pension reform program starts in September
