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.
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., This news data comes from:http://www.erlvyiwan.com
- EU massive fine against Google draws Trump threat
- Mexican senators come to blows after heated debate
- Israel ups pressure on Gaza City
- Batangas engineer suspended after alleged bribery attempt on congressman Leviste
- China 'unstoppable', says Xi with Kim, Putin at his side
- Supreme Court urged to act on fake complaints
- PH economic losses hit 100B from corruption in flood control projects
- North Korean leader inspects new missile factory ahead of visit to China
- Philippines nears universal healthcare, 80% goal achieved -- Marcos
- Australia government condemns anti-immigration rally in Sydney
