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
”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, This news data comes from:http://www.771bg.com
- Ever dream of having an entry in the Guinness World Records? Here's how to do it
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
- North Korea's Kim Jong Un travels to Beijing to watch military parade alongside Putin, Xi Jinping
- ChatGPT to get parental controls after teen's death
- SpaceX cancels Starship megarocket launch in latest setback
- Duterte defense files more motions challenging ICC prosecutor
- Comelec defers reconstitution of BARMM parliamentary districts
- Israeli army: Gaza City now 'a dangerous combat zone'
- More funding sought for sports commission
- Pacifist Japan struggles to boost troops as China anxiety grows
