SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://aichuwei.com
- Catholic, Greek Orthodox clergy to stay in Gaza City to help weakest
- Afghan quake death toll surges to over 2,200
- Bersamin letter proves Torre reassignments ‘valid’
- NACC renews appeal: Adopt neglected kids
- Prompt release of educational aids sought
- Marcos signs mining tax regime law
- Gaps in healthcare services remain - study
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- Thousands rally in Serbia and accuse police of brutality at anti-government demonstrations
