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.
Go files housing development bill, This news data comes from:http://ef.705-888.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.
- Firefighters arrested by US immigration officials
- China's Communist rulers push party role before World War II anniversary
- Israeli protesters call for hostage deal ahead of cabinet meeting
- Sotto files bill to amend party-list system
- COA launches sweeping audit of flood control projects
- Indonesian finance minister's home looted as protest anger grows
- Sotto to Lead Senate again as majority votes to oust Escudero
- Remulla pledges transparency and impartiality as Ombudsman
- A suicide bombing near a political rally in southwestern Pakistan kills 13 and wounds 30
- Portugal mourns after Lisbon streetcar accident kills 15
