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.
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.”, This news data comes from:http://www.redcanaco.com
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.
- Co out of country for medical reasons
- Iran says open to US nuclear talks, rejects missile curbs
- Workers urge Marcos to stop corruption by banning political dynasties
- 'I have no resentment,' says Torre after dismissal as PNP chief
- Putin and Modi in China for summit hosted by Xi
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
- Israel tells residents to leave Gaza City ahead of offensive
- Widespread flooding in Quezon City due to heavy rains, stranding commuters, rendering most roads impassable to vehicles
- DSWD program reduced hunger
- Nepal to block unregistered social media platforms – govt
