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.
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.”, This news data comes from:http://redcanaco.com
”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.
- A tale of two cities: San Mateo rejects Manila's trash; Rizal opens landfill to Malabon
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
- NHA gives cash aid to families affected by calamity in Manila
- House bill seeks to regulate AI use
- Pope declares 'God's influencer' first millennial saint
- Earthquake kills 250, injures 500 in Afghanistan
- Lone bettor wins P86M in 6/42 lotto draw for Sept 6
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Australia government condemns anti-immigration rally in Sydney
- Customs finds only 2 luxury cars at contractor's compound in Pasig
