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.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
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, This news data comes from:http://pea-dv-xii-sln.gangzhifhm.com
”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.
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- Kris Aquino is alive, says friend amid reports of death
- Made in China? The remarkable tale of Venice's iconic winged lion
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- Co out of country for medical reasons
- Floods kill over 30 in Indian-controlled Kashmir, displace 150,000 in east Pakistan
- Senate cites former Bulacan assistant district engineer in contempt
- Oil firms to hike pump prices Tuesday
- Sotto files bill to amend party-list system
