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.
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., This news data comes from:http://gth.052298.com
- 'Pink and green' protests call for a reset in Indonesia
- SEARCH WARRANT
- ICC clears applications of 15 drug war victims to join proceedings vs Duterte
- Hope dwindles for survivors days after deadly Afghan quake
- US strike marks shift to military action against drug cartels
- Taiwan: China illegally deploying oil rigs in our waters
- SSS rolls out historic pension reform program
- Former PNP chief Torre III offered new government post
- Pope declares 'God's influencer' first millennial saint
- Comelec defers reconstitution of BARMM parliamentary districts
