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.”
”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.771bg.com
- Thousands rally in Serbia and accuse police of brutality at anti-government demonstrations
- Firefighters arrested by US immigration officials
- Police officers face more charges in missing cockfight enthusiasts case
- Harold Cabreros takes post as new OCD chief
- New Quezon City judge to oversee Dengvaxia vaccine cases, sets hearing
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Actress Angel Aquino victim of 'deepfake,' seeks prosecution of perpetrators of cyber pornography
- 500 Internal Server Error
- Marcos signs law giving 99-year land lease to foreign investors
- Bersamin letter proves Torre reassignments ‘valid’
