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., This news data comes from:http://www.052298.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.
- Pag-IBIG Fund gives occupants 10% discount to legally buy acquired homes
- Lacson clears air over conflict with Marcoleta on flood control probe
- Argentine police recover Nazi-looted painting spotted in property ad
- LPA trough, 'habagat' to bring rains in parts of Luzon, including Metro Manila
- Construction managers, developers back Housing chief's anti-corruption advocacy
- Protesters storm Discaya compound, Sotto calls for calm
- ₱1.7M shabu seized in Taguig buy-bust
- Classes suspended in 10 Metro Manila cities due to rains
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- Thai opposition holds kingmaking summit deciding new PM
