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://ip-xb-fd-glf.redcanaco.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.
- 11 foreigners killed in Portugal funicular crash
- Nartatez vows to be fair in making reassignments
- Two dead as strong earthquake jolts Afghanistan
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- Made in China? The remarkable tale of Venice's iconic winged lion
- PNP chief Torre relieved, Nartatez to take over
- Modi reaffirms India's support for Ukraine peace settlement during call with Zelenskyy
- Filipino priest wins Ramon Magsaysay Award for activism against Duterte's drug war
- Earthquake kills 250, injures 500 in Afghanistan
- Aid flotilla with Greta Thunberg set to sail for Gaza
