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://uo-vmvu-ctp-tlby.ycyzqzxyh.com
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.
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- Customs recovers 10 more Discaya luxury cars
- 'Ondoy'-level rains swamp Quezon City
- Lacson to Marcoleta: I don’t want a fight but I won’t back down from one
- Read to reduce sentence, Uzbekistan tells prisoners
- Putin meets Kim, praises North Korean troops in Russia
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- Vatican puts Pope Francis' ecological preaching into practice with vocational farm center
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- Maryland resident is diagnosed with New World screwworm. What to know about the parasite
