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.
Go files housing development bill
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://yamato-syokunin.com
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
- Bonoan resigned due to command responsibility — Marcos
- Wildfires producing 'witches' brew' of air pollution – UN
- Former DPWH chief denies links to corruption
- Preliminary report on Lisbon funicular accident expected
- US appeals court blocks Trump's use of wartime law for deportations
- A summit and parade in China may signal a geopolitical shift
- Indonesian finance minister's home looted as protest anger grows
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- Public Works chief to press criminal charges against Bulacan engineer
