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://gyglfs.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.”
Go files housing development bill
”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.
- Super Sale: Pag-IBIG offers 40% off on foreclosed assets
- House committee subpoenas Sarah Discaya, 4 other contractors over flood control project anomalies
- Marcos soon to create commission to probe flood control projects
- Recto: No exemption for US tech firms from digital tax
- House tackles P881B public works budget amid flood control anomalies
- Marcos signs laws declaring holidays across PH
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- Russian drone, missile attack kills 14, injured 48 in Kyiv
- Four children killed by parents in Dominican Republic — police
- Mass housing developers laud Pag-IBIG Fund
