SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://www.redcanaco.com
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.”
”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.
- Thai woman jailed for 43 years for lese majeste freed
- Pangilinan urges Marcos Jr. to prioritize bill aiding farmers, fishermen
- Lacson: Torre 'acted beyond his authority'
- House resolution filed to investigate 'funders' of anomalous projects
- Open mic caught Xi, Putin discussing immortality
- House holds budget review with 21 civil society organizations
- Nartatez relieves Fajardo as PNP spokesman
- Recto: No exemption for US tech firms from digital tax
- SSS rolls out historic pension reform program
- Russia hits seat of Ukraine government in war's biggest air attack
