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, This news data comes from:http://www.erlvyiwan.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.
- Labubu fans flock to stores after launch of mini dolls
- Israel tells residents to leave Gaza City ahead of offensive
- Marcos to attend UN meet in New York in Sept- Palace
- Israel expects 1 million Gazans to flee new offensive
- Remulla pledges transparency and impartiality as Ombudsman
- Wife of Australian man wanted in police killings urges him to surrender
- Trump moves to limit US stays of students, journalists
- 'Trump Whisperer' ex-minister joins Japan PM race
- Lacson: DPWH exec sought ‘insertions’
- House resumes budget briefings
