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.
Go files housing development bill, This news data comes from:http://ox-you-kni-kdcq.052298.com
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.
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- Indonesia hosts annual US-led combat drills with Indo-Pacific allies
- IBP forms committee on good governance to probe corruption
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- Government work, classes on Tuesday suspended due to bad weather
- MPD announces road closures for Bar exams
- UK refuses to invite Israeli government officials to London arms fair over the war in Gaza
- Putin vows not to back down in Ukraine
- Marcos signs laws declaring holidays across PH
