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.
Go files housing development bill, This news data comes from:http://yamato-syokunin.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.
Go files housing development bill
- Trump health misinformation swirls despite denial
- Marcos orders full budget review for DPWH amid ghost projects scandal
- Trump escalates crackdown threats with Chicago 'war' warning
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
- Comelec to open nearly two-year overseas voter registration for 2028 elections
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Two dead as strong earthquake jolts Afghanistan
- Israel flattens high-rise as it tells Gaza City residents to flee
- North Korea's Kim Jong Un travels to Beijing to watch military parade alongside Putin, Xi Jinping
