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., This news data comes from:http://xs888999.com
Go files housing development bill
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
- China's Xi holds talks with North Korea's Kim in Beijing
- President Marcos commits to boosting PH digital infrastructure
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Denmark summons US envoy over 'attempts to influence' Greenland
- Trump moves to limit US stays of students, journalists
- DPWH exec fired, 2 others face dismissal over flood control mess
- US warship heading toward Caribbean Sea
- 'Mockery of science': US experts blast Trump climate report
- Laws signed on holidays, court branches
- Comelec to open nearly two-year overseas voter registration for 2028 elections
