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
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, This news data comes from:http://www.xs888999.com
”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.
- Supreme Court urged to act on fake complaints
- Nartatez vows to be fair in making reassignments
- Argentina hunts Nazi-looted painting revealed in property ad
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
- Workers urge Marcos to stop corruption by banning political dynasties
- Gaza at 'breaking point,' says UN food agency chief after visit
- Lacson clears air over conflict with Marcoleta on flood control probe
- Philippines nears universal healthcare, 80% goal achieved -- Marcos
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
