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.ycyzqzxyh.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.
- LBC Express Holdings top executive to retire in Oct.
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- La Niña may return but temperatures will remain high, UN says
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- North Korea's Kim in China ahead of massive military parade
- DMW, pharmaceutical firm sign agreement to boost access to medicines, hospital services for OFWs, families
- Two dead as strong earthquake jolts Afghanistan
- PNP enlists Interpol help in hunt for Japanese mastermind behind Manila double murder
- EU massive fine against Google draws Trump’s ire
- Dizon asks DOJ to issue immigration lookout bulletin to 26 DPWH officials and contractors
