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://ljgiyg.771bg.com
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.”
”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
- No winner in lotto draws for Aug 28
- DOH unveils 7 priority measures at House hearing
- Former DPWH chief denies links to corruption
- SpaceX cancels Starship megarocket launch
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- White House fires US health agency head after she refused to quit
- 15 companies vie for 'Sustainability Champions' award
- Follow the trucks: Why investors are looking south of Metro Manila
- Mass housing developers laud Pag-IBIG Fund
- Pope Leo: We must listen first before speaking
