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://nhn-jkw-axyv-qqeu.erlvyiwan.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.
- Trump rebrands Department of Defense as 'Department of War'
- First millennial saint: Vatican to canonize 'God's Influencer' Carlo Acutis
- Putin meets Kim, praises North Korean troops in Russia
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
- Marcos names Dizon as DPWH secretary
- South Korea's Lee faces pivotal test at first summit with Trump
- Thailand set for vote on new PM after dissolution bid rejected
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
