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., This news data comes from:http://gangzhifhm.com
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
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.
- Woman accused of murdering her children faces New Zealand trial
- Kris Aquino is alive, says friend amid reports of death
- President Marcos Jr. visits Cambodia to strengthen ties
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Bonoan resigned due to command responsibility — Marcos
- New mining law to balance profit, ecology
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- Guyana votes amid oil boom, Venezuela tensions
