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://og-aed-ssjc-wpq.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.
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- DOJ indicts Abra Mining for fraudulent trading
- LPA affects Metro Manila, Mindanao, Visayas
- AboitizPower pushes growth with clean, renewable energy
- COA probes Iqbal on spending of P1.7B in one day
- Marcos to mark ‘Thrilla In Manila’ 50th anniversary
- Marcos opens Hyundai's shipyard in PH
- Giovanni Lopez pledges to continue and expand DOTr reforms
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- 13 massage therapists robbed, 2 cry rape
