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.
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.
Go files housing development bill, This news data comes from:http://www.gangzhifhm.com
- Thai woman jailed for 43 years for lese majeste freed
- Bonoan resigns, Dizon named DPWH chief
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- Oil firms to raise fuel prices this week
- Putin meets Kim, praises North Korean troops in Russia
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Israeli army: Gaza City now 'a dangerous combat zone'
- Vietnam marks 80th independence anniversary with huge parade
- NACC renews appeal: Adopt neglected kids
