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.”
Go files housing development bill, This news data comes from:http://jyxingfa.com
”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.
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- Sotto to Lead Senate again as majority votes to oust Escudero
- Taiwan: China illegally deploying oil rigs in its waters
- 'Large shark' kills man off Sydney beach
- Kris Aquino is alive, says friend amid reports of death
- Filipino member of AHOP K-pop group says Manila concert a dream come true
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Hontiveros wants Senate to probe Chinese who pretended to be Filipino
