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.”
”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://ip.052298.com
- Earthquake kills 250, injures 500 in Afghanistan
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- Philippines presses call for ceasefire in Gaza
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- WBO champ looms as Pacquiao’s next opponent
- Lacson lauds Leviste for arrest of DPWH engineer who offered P360M bribe
- Putin lands in Tianjin for summit hosted by China
- Makati distributes Blu Card cash aid
- Chinese sleeper agents' and PLA operatives a threat, Lacson warns
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
