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.
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://ynhv.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.
Go files housing development bill
- 15 drug war victims cleared to join Duterte's ICC case
- Rep. Tiangco reveals P17B flood control allocations linked to former appropriations chairman Rep. Zaldy Co
- DSWD's guarantee letters now accepted in more establishments
- Former Bulacan district engineer admits going to casinos
- NACC renews appeal: Adopt neglected kids
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- UK's mass facial-recognition roll-out alarms rights groups
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- Thousands protest in Indonesia as military deployed in capital
- 40% of Filipinos are now obese, says Health expert
