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.”, This news data comes from:http://www.gyglfs.com
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
- Protesters storm Discaya compound, Sotto calls for calm
- China displays its weaponry in a tightly controlled military parade
- Escudero subpoenas 5 contractors, 3 DPWH executives to Senate probe
- Pagasa: Trough of LPA, 'habagat' will bring rain, thunderstorms across PH
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- Gaps in healthcare services remain - study
- PH eyes global partners in biggest railway project
- Villanueva: Regularize contractual govt workers
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- Portugal mourns after Lisbon streetcar accident kills 15
