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.jyxingfa.com
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.
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.
- Australia halts logging for koala haven on eastern coast
- Prompt release of educational aids sought
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- Classes suspended in 10 Metro Manila cities due to rains
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Roxas matriarch, 91
- Bureau of Customs seeks missing luxury cars of contractor Sarah Discaya
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- ICC clears applications of 15 drug war victims to join proceedings vs Duterte
