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://gvakh.erlvyiwan.com
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.”
Go files housing development bill
”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
- Luzon dams release water due to southwest monsoon
- Israeli protesters demand hostage deal as cabinet meets
- Cyclone's trough, habagat will bring cloudy skies, rain showers over PH
- Trump rebrands Department of Defense as 'Department of War'
- Thailand's former Prime Minister Thaksin makes surprise departure ahead of a risky court ruling
- House justice panel to probe US' extradition request for Quiboloy
- 100K Pakistanis flee amid flood threat
- Japan PM decides to quit as opponents seek leadership election
- IBP forms committee on good governance to probe corruption
- Widespread flooding in Quezon City due to heavy rains, stranding commuters, rendering most roads impassable to vehicles
