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., This news data comes from:http://ji-dlb-ukja-qcu.771bg.com
- India to probe giant zoo run by son of Asia's richest person
- Hontiveros urges probe on Chinese faking Filipino identity
- PH to see ‘blood moon’ Sept. 7-8
- Tourists dice with danger on Hanoi's train street
- 15 companies vie for 'Sustainability Champions' award
- Bersamin letter proves Torre reassignments ‘valid’
- Japan prince comes of age as succession crisis looms
- Duterte defense files more motions challenging ICC prosecutor
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- Gomez-Estoesta named court administrator by Supreme Court
