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.”
”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, This news data comes from:http://ipr-wrcw-kqsy-cvuw.ycyzqzxyh.com
- Trump moves to limit US stays of students, journalists
- Russia hits seat of Ukraine government in war's biggest air attack
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
- 25 countries suspend postal services to US over tariffs – UN
- Mexican boxer Chavez Jr. released from prison pending trial
- Iran-backed Houthis raid UN offices in Yemen and detain at least 11 employees
- Wife of Australian man wanted in police killings urges him to surrender
- Makati earns high rating in anti-trafficking and violence assessment
- North Korea's Kim in China ahead of massive military parade
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
