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://aichuwei.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
- Madagascar welcomes home skulls of Indigenous warriors taken by French colonial troops 128 years ago
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
- Wife of Australian man wanted in police killings urges him to surrender
- La Niña may return but temperatures will remain high, UN says
- Head of main US health agency abruptly dismissed
- Pagasa: Rainy Monday over Visayas, Luzon areas due to LPA, 'habagat'
- Thai court to rule on PM's fate after Hun Sen call leak
- Sen. Pangilinan Advocates for Credit-Worthy Farmers to Boost Agriculture Sector
- Cyclone's trough, habagat will bring cloudy skies, rain showers over PH
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
