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, This news data comes from:http://www.705-888.com
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.
- Can a giant seawall save Indonesia's disappearing coast?
- Tax bureau hunts down contractors over questionable flood control deals
- US strike marks shift to military action against drug cartels
- Hontiveros pushes P15,000 salary hike for teachers
- NATIONAL ARTIST'S HOMETOWN
- Indonesian finance minister's home looted as protest anger grows
- China's Xi holds talks with North Korea's Kim in Beijing
- North Korea's Kim in China ahead of massive military parade
- DPWH engineer in bribery scandal placed under preventive suspension
- Undersea cables cut in the Red Sea, disrupting internet access in Asia and the Mideast
