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://jid-dmo-xl-iw.jyxingfa.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.”
”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
- Inflation up 1.5% in August
- 'Trump Whisperer' ex-minister joins Japan PM race
- COA flags fraud in P342M Bulacan flood control projects
- Fears of new political crisis grip France
- Bonoan freezes DPWH travel passes
- Protesters storm Discaya compound, Sotto calls for calm
- North Korea's Kim oversees ICBM engine test: state media
- NBI slaps Alice Guo, 35 Others with new graft, misconduct cases
- Sri Lanka's jailed ex-president Wickremesinghe granted bail
- Malabon averts crisis with garbage deal
