SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://kx-xgl-tw-reyt.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.”
Go files housing development bill
”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.
- Pope Leo XIV to Israeli president: 2-state solution needed to end Gaza war
- Widespread flooding in Quezon City due to heavy rains, stranding commuters, rendering most roads impassable to vehicles
- Israeli strikes in Yemen's capital kill six, Houthis say
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Indonesian police officer fired over killing that sparked protests
- Supreme Court: It’s work as usual in judiciary
- Filipino fulfills dream of performing with K-pop group before home fans
- Xi says China 'unstoppable' in parade opening speech
- Dizon to order DPWH officials to submit courtesy resignation
- 'Perfect storm': UK fishermen reel from octopus invasion
