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.
Go files housing development bill
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.redcanaco.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.
- Choose Ombudsman with integrity, intelligence, insight – Cayetano
- MMDA readies for FIVB men’s volleyball
- House resumes budget briefings
- Marcos orders lifestyle check on all govt officials amid flood projects probe
- Protesters storm Discaya compound for second straight day
- Vico encourages citizens on Heroes’ Day to be brave
- Tokyo logs record 10 days of 35 C or higher
- IBP forms committee on good governance to probe corruption
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
- Budget shortfall narrows in July
