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., This news data comes from:http://www.erlvyiwan.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.
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Wife of Australian man wanted in police killings urges him to surrender
- Cusi charged over Malampaya deal
- NBI slaps Alice Guo, 35 Others with new graft, misconduct cases
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- Pagasa monitors LPA off Cavite, may still become tropical depression
- 'Perfect storm': UK fishermen reel from octopus invasion
- Batangas engineer suspended after alleged bribery attempt on congressman Leviste
- Workers urge Marcos to stop corruption by banning political dynasties
- Immigration deports 49 South Korean fugitives
