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://xs888999.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.
Go files housing development bill
- Thailand's Parliament to vote Friday for a new prime minister
- Trump moves to limit US stays of students, journalists
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- Guyana votes amid oil boom, Venezuela tensions
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- India will not 'bow down,' trade minister says after US tariffs
- Bonoan freezes DPWH travel passes
- IBP forms committee on good governance to probe corruption
- Malabon averts crisis with garbage deal
