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.
Go files housing development bill, This news data comes from:http://habn.xs888999.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.”
”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.
- Israel expects 1 million Gazans to flee new offensive
- Marcos soon to create commission to probe flood control projects
- Argentine police recover Nazi-looted painting spotted in property ad
- 'Lannie' exits PH — Pagasa
- Mob burns Nigerian woman to death over Islam blasphemy claim — police
- Inoue says taunts 'missed the target' ahead of world title clash
- Luzon dams release water due to southwest monsoon
- Israel launches new spy satellite in 'message' to enemies
- 'Mockery of science': US experts blast Trump climate report
- AKG chief denies using ‘kidnap’ car for personal purposes
