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://pcsci.771bg.com
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.”
”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.
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Veteran Thai politician Anutin Charnvirakul wins vote in Parliament to become next prime minister
- Escudero says new lease law to make PH more appealing to investors
- Sara’s claims that corruption probe could be done in one day 'absolutely preposterous' – Palace
- Pagasa sees two to four tropical cyclones hitting Philippines in September
- 'New' position being offered to Torre — Palace
- 4 policemen linked to sabungero case slapped with more administrative cases
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- Immigration deports 49 South Korean fugitives
