SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill, This news data comes from:http://www.771bg.com
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.”
”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.
- Prompt release of educational aids sought
- Earthquake kills 250, injures 500 in Afghanistan
- DOTr denies ordering shutdown of online selling platforms
- ERC amends net-metering rules to expand renewable energy options
- Oil firms to raise pump prices Tuesday
- Palace hits Discayas over ‘misinformation’ on PH film center project
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- Thai court to rule on PM's fate after Hun Sen call leak
- Housing secretary declares 'zero-tolerance' policy on corruption
- Thousands rally in Serbia and accuse police of brutality at anti-government demonstrations
