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
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, This news data comes from:http://www.052298.com
”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.
- DPWH exec asked lawmaker to make budget insertions — Lacson
- Yemen's Huthis hold funeral for PM killed in Israeli strike
- India's Modi meets Japan's Ishiba as he begins Asia tour
- Search for survivors after Afghan earthquake kills 800
- Two foreigners face trafficking complaint in Pasay City
- NATO members to reach 2% defense spending goal this year
- Oil firms to raise pump prices Tuesday
- Thai court to rule on PM's fate after Hun Sen call leak
- French couple kept panther that roamed nearby rooftops
- Ever dream of having an entry in the Guinness World Records? Here's how to do it
