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.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation.
Go files housing development bill
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, This news data comes from:http://fidkw.aichuwei.com
- Rise in HFMD cases due to better reporting, not outbreak
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- Comelec upholds cancelation of Duterte Youth registration
- Australia's 'mushroom murderer' handed life in prison with parole
- DPWH told to build evacuation centers
- 'Five Eyes' ministers meet to discuss smashing people smuggling gangs, UK says
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Gasoline, diesel price hikes seen next week
- Discaya’s construction companies competed against each other during biddings
- Harold Cabreros takes post as new OCD chief
