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://www.aichuwei.com
- Israel tells residents to leave Gaza City ahead of offensive
- Angkas supports DICT's amnesty program for unregistered delivery services
- Customs recovers 10 more Discaya luxury cars
- Government work, classes on Tuesday suspended due to bad weather
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
- PNP chief supports lowering age of discernment
- DOTr denies ordering shutdown of online selling platforms
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
- 4 policemen linked to sabungero case slapped with more administrative cases
- Maduro hits ‘illegal’ US troops deployment
