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., This news data comes from:http://www.gyglfs.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
- 'Ondoy'-level rains swamp Quezon City
- Israeli protesters demand hostage deal as cabinet meets
- Some National Guard units in Washington are now carrying firearms in escalation of Trump deployment
- India warns Pakistan of more cross-border flooding due to heavy monsoon rains
- No winner in Ultra, Megalotto draws for Aug 29
- Modi: India, Japan to 'shape the Asian century'
- Macron's decision to recognize Palestinian state angers Israel and the US
- NKorea could produce ten to twenty nukes per year — SKorea leader
- Pope Leo: We must listen first before speaking
- Angkas supports DICT's amnesty program for unregistered delivery services
