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., This news data comes from:http://www.gyglfs.com
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
- Israel warns Hamas to surrender or face 'annihilation'
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Trump tells Europe to put economic pressure on China over Ukraine
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- Dizon requests for immigration lookout order vs ex-DPWH exec
- Nartatez vows to be fair in making reassignments
- Dizon asks DOJ to issue immigration lookout bulletin to 26 DPWH officials and contractors
- Meralco expects drop in power rates this month thanks to stronger peso
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- ICC postpones Duterte's hearing, reviews fitness to stand trial
