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
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://ikfk.jyxingfa.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.
- Xi and Putin round on West at regional summit in China
- Public Works Chief Vince Dizon demands courtesy resignations to 'clean house'
- OVP ready to submit to lifestyle check if ordered, no word from Sara
- Mayor Sotto slams Discayas, cites lies, ghost firms, and kickback allegations
- Pagasa sees cyclone-free week across PH
- Roxas matriarch Judy Araneta-Roxas, 91
- 25 countries suspend postal services to US over tariffs – UN
- 100K Pakistanis flee amid flood threat
- Israel ups pressure on Gaza City
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
