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., This news data comes from:http://www.771bg.com
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.
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- 'God's Influencer' to become first millennial saint
- Can a giant seawall save Indonesia's disappearing coast?
- Sara favors punishing officials, lifestyle checks
- Arjo Atayde, Vice Ganda, Marian Rivera win top acting honors at 73rd FAMAS Awards
- LPA east of Surigao del Sur may intensify into tropical depression
- SEARCH WARRANT
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- DILG denies allegations that PNP chief fired over firearms deal
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
