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., This news data comes from:http://mnwjsh.771bg.com
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
”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.
- Dizon to order DPWH officials to submit courtesy resignation
- 11 foreigners killed in Portugal funicular crash
- Pasig fire kills child, injures mother as she tries to save him
- Iran says open to US nuclear talks, rejects missile curbs
- Seoul says over 300 South Koreans held in US battery plant site raid
- Magnitude 5.1 earthquake rattles Surigao del Sur
- UK's mass facial-recognition roll-out alarms rights groups
- US Spirit Airlines files for bankruptcy again
- Co out of country for medical reasons
- 15 drug war victims cleared to join Duterte's ICC case
