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://jyxingfa.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
- Venezuela builds up border security over US warships
- Marcos names Dizon as DPWH secretary
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
- Philippines to launch shame campaign vs traffic violators
- Classes suspended in 10 Metro Manila cities due to rains
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- Modi: India, Japan to 'shape the Asian century'
- Public Works chief to press criminal charges against Bulacan engineer
- Thai opposition's kingmaking summit fails to back new PM
- Wildfire tears through California gold rush town
