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.
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, This news data comes from:http://erlvyiwan.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.
- Nepali court: Hindu holy men's nudity not obscene
- Australia expels Iran ambassador over antisemitic attacks
- Chinese warships shadow Philippine, Australian, Canadian drills in Zambales
- Konektadong Pinoy bill lapses into law
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
- Trump withdraws Kamala Harris's Secret Service protection
- PH eyes global partners in biggest railway project
- Lookout bulletins out vs Atong Ang, Barretto
- Immigration deports 49 South Korean fugitives
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
