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://awkr-nqgi-ijyd-qpj.redcanaco.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.
- President Marcos Jr. visits Cambodia to strengthen ties
- DFA: No US extradition request for Quiboloy
- Anutin elected as Thailand's new prime minister
- Sara Discaya admits owning 28 luxury cars
- Marcos signs law giving 99-year land lease to foreign investors
- House resumes budget briefings
- Putin facing mounting pressure from the West
- Israeli protesters demand hostage deal as cabinet meets
- Prompt release of educational aids sought
- Israeli forces seize nearly 0,000 in West Bank raid
