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
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., This news data comes from:http://www.705-888.com
- Two dead as strong earthquake jolts Afghanistan
- Palace hits Discayas over ‘misinformation’ on PH film center project
- PH Army showcases disaster response capabilities before Thai defense officials
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- Indonesia's delayed new capital risks 'white elephant' status
- Xi and Putin round on West at regional summit in China
- Marcos mum on Magalong joining independent commission for DPWH probe
- Alex Eala makes history With comeback victory at US Open
- ‘New NBI chief must be career official’
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
