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.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation., This news data comes from:http://ejdkcafg.771bg.com
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.
- Sen. Go files bills to push health, social, and labor reforms
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
- Rubio says US warned France on Israel annexation moves
- President Marcos commits to boosting PH digital infrastructure
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
- Pagasa sees cyclone-free week across PH
- ChatGPT to get parental controls after teen's death
- Putin threatens to target Western troops in Ukraine
- New Zealand to allow some wealthy foreign investors onto property market
- SSS hails Marcos, Recto for initiating pension reforms, including one to be rolled out in Sept
