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://iodr.gyglfs.com
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.
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.”
Go files housing development bill
”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.
- No winner in Grand, Megalotto draws for Aug 27
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
- PH economic losses hit 100B from corruption in flood control projects
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
- Thailand's former Prime Minister Thaksin makes surprise departure ahead of a risky court ruling
- EU massive fine against Google draws Trump’s ire
- Supreme Court: It’s work as usual in judiciary
- PH Construction Board asked to address 'accreditation for sale' scandal
- Trump escalates crackdown threats with Chicago 'war' warning
- CBCP president urges Israel to stop military operations in Gaza
