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., This news data comes from:http://veqfwp.771bg.com
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.”
”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
- ‘Large shark’ kills man off Sydney beach
- Government work, classes on Tuesday suspended due to bad weather
- Venezuela deploys warships, drones as US destroyers draw near
- PH economic losses hit 100B from corruption in flood control projects
- Duterte defense files more motions challenging ICC prosecutor
- 4 policemen linked to sabungero case slapped with more administrative cases
- Dizon to abolish DPWH internal special investigation team created to look into the flood control anomalies
- SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept
- DPWH seeks lookout bulletin vs officials, contractors in ghost projects
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
