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.”, This news data comes from:http://www.gangzhifhm.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.
Go files housing development bill
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- Afghan quake death toll surges to over 2,200
- Red Cross head says mass evacuation of Gaza City 'impossible'
- Pasig fire kills child, injures mother as she tries to save him
- NACC renews appeal: Adopt neglected kids
- ‘God’s Influencer’ to become first millennial saint
- Marcos soon to create commission to probe flood control projects
- PH, Australia, Canada hold joint sea drills
- Indonesia turns down ear-splitting 'haram' street parties
- Malabon averts crisis with garbage deal
