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://ffosgfuu.redcanaco.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.
- New judge to handle Dengvaxia cases named; hearing set
- Recto: No exemption for US tech firms from digital tax
- DMW, pharmaceutical firm sign agreement to boost access to medicines, hospital services for OFWs, families
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- 'I have no resentment,' says Torre after dismissal as PNP chief
- Vietnam marks 80th independence anniversary with huge parade
- Supreme Court: It’s work as usual in judiciary
- Four children killed by parents in Dominican Republic — police
- Support grows for independent probe into flood control projects
