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://bnckbvkv.ycyzqzxyh.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.”
”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.
- China criticizes Canadian, Australian warships transiting Taiwan Strait
- Modi, Ishiba agree to boost economic ties
- Thousands protest in Indonesia as military deployed in capital
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Epstein victims compiling list of sexual abusers
- India warns Pakistan of more cross-border flooding due to heavy monsoon rains
- PH Defense chief slammed for 'bad mouthing' China
- Pagasa monitors LPA off Cavite, may still become tropical depression
- WBO champ looms as Pacquiao’s next opponent
