SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://www.771bg.com
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.
- Makati earns high rating in anti-trafficking and violence assessment
- US church shooter 'obsessed with idea of killing children'
- LPA may still develop into short-lived tropical cyclone
- Bureau of Customs seeks missing luxury cars of contractor Sarah Discaya
- ‘God’s Influencer’ to become first millennial saint
- Putin lands in Tianjin for summit hosted by China
- Rubio says US warned France on Israel annexation moves
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
- Pump prices increase for 2nd straight week
- Pakistanis no reprieve from floods yet
