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://bdtngvyy.aichuwei.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.
- North Korea test-fires two 'new' air defense missiles
- Anti-fake news bill filed anew in House
- LTO summons driver who berated MMDA enforcer
- Rubio says US warned France on Israel annexation moves
- Marcos to attend UN meet in New York in Sept- Palace
- DPWH exec asked lawmaker to make budget insertions — Lacson
- No winner in lotto draws for Aug 28
- UK's mass facial-recognition roll-out alarms rights groups
- Gasoline, diesel prices to increase again next week
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
