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://sk-yvdg-hrin-xles.705-888.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
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- 'Strangest' dinosaur covered in spiked armory — Scientists
- Mandela grandson says he will join Gaza aid boat
- ₱1.7M shabu seized in Taguig buy-bust
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- Indonesia hosts annual US-led combat drills with Indo-Pacific allies
- DICT grants amnesty to unregistered delivery firms
- 'Large shark' kills man off Sydney beach
- China's Communist rulers push party role before World War II anniversary
- New mining law to balance profit, ecology
