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.
Go files housing development bill, This news data comes from:http://www.771bg.com
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.
- SEARCH WARRANT
- PH, Cambodia business execs urged to boost partnership
- SSS rolls out historic pension reform program
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- Israeli strikes in Yemen's capital kill six, Houthis say
- Bishops demand broad probe into flood project corruption
- In Taiwan, competing narratives over the meaning of China's massive military show
- Rubio says US warned France on Israel annexation moves
- Modi: India, Japan to 'shape the Asian century'
