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., This news data comes from:http://www.771bg.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.
- NATIONAL ARTIST'S HOMETOWN
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- Thai opposition holds kingmaking summit deciding new PM
- Support grows for independent probe into flood control projects
- CFO moves office from QC to Pasay
- Trump tells Europe to put economic pressure on China over Ukraine
- Youth group asks SC to stop postponement of SK polls, cites age-limit concerns
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- Xi meets Modi as China and India seek to rebuild ties
- UN force in Lebanon slams Israeli drone attack on peacekeepers
