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.”
”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, This news data comes from:http://ffik.jyxingfa.com
- Israeli strikes in Yemen's capital kill six, Houthis say
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
- Follow the trucks: Why investors are looking south of Metro Manila
- ICC clears applications of 15 drug war victims to join proceedings vs Duterte
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Bishops demand broad probe into flood project corruption
- Legarda pushes Magna Carta of Waste Workers
- ‘Large shark’ kills man off Sydney beach
- Washington makes military aid overtures to Sahel juntas
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
