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://woi.gyglfs.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.
- 'Ondoy'-level rains swamp Quezon City
- Zelenskyy meets European leaders on Ukraine security guarantees
- Alice Guo faces new cases over POGO land
- Scramble for survivors as Afghan earthquake death toll passes 1,400
- 9 dead in Ecuador after bus plunges into ravine
- Marcos wants subpoena power for body investigating flood projects
- Sotto takes oath as Senate president
- Jollibee, DepEd partner to develop quick service restaurant curriculum for senior high
- Classes suspended in 10 Metro Manila cities due to rains
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
