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.
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.redcanaco.com
Go files housing development bill
- May 12 poll results accurate, credible - OCTA Research
- Need to pee? Japan has QR code for that
- Manila mayor warns against mobs, orders police to maintain peace and order
- Philippines calls for Gaza ceasefire amid humanitarian crisis
- China's Xi holds talks with North Korea's Kim in Beijing
- Makati distributes Blu Card cash aid
- SC orders comment on petitions vs polls
- Puno seeks probe of anomalous projects ‘funders’
- Comelec defers reconstitution of BARMM parliamentary districts
- Tokyo logs record 10 days of 35 C or higher
