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.
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.
Go files housing development bill, This news data comes from:http://xs888999.com
- Palace hits Discayas over ‘misinformation’ on PH film center project
- 100K Pakistanis flee amid flood threat
- Construction managers, developers back Housing chief's anti-corruption advocacy
- 4 of 15 contractors on Marcos list have clean records – DPWH
- North Korea's Kim in China ahead of massive military parade
- Customs preparing report on Discayas’ 28 luxury cars
- Mexican drug lord faces life in prison after pleading guilty in US court
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Indonesia protests put spotlight on paramilitary police force
- Yemen's Huthis hold funeral for PM killed in Israeli strike
