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., This news data comes from:http://www.771bg.com
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.
Go files housing development bill
- North Korea test-fires two 'new' air defense missiles
- Private groups back DHSUD chief's anti-corruption policy
- DOST, SM Supermalls partner to empower businesses with sustainable practices
- SSS rolls out historic pension reform program
- Brawner orders troops: Stop China from boarding BRP Sierra Madre at all costs
- UK's mass facial-recognition roll-out alarms rights groups
- New law lets foreigner investors lease land for 99 years
- Lacson: Torre 'acted beyond his authority'
- House holds budget review with 21 civil society organizations
- Taylor Swift, Travis Kelce engaged
