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, This news data comes from:http://www.705-888.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.
- US approves .5M in assistance to Nigeria to help address hunger
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Marcos halts flood control budget; new commission to investigate expected 'in 48 hours'
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
- China 'elephant in the room' at fraught Pacific Islands summit
- EU massive fine against Google draws Trump threat
- 4 of 15 contractors on Marcos list have clean records – DPWH
- Discayas to file raps vs protesters, will attend Senate hearing — lawyer
- Rubio says US warned France on Israel annexation moves
- DICT grants amnesty to unregistered delivery firms
