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
”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://jyxingfa.com
- Islamic State claims deadly attack on Pakistan rally
- Discayas to file raps vs protesters, will attend Senate hearing — lawyer
- Trump move to cut more foreign aid risking shutdown
- 15 drug war victims cleared to join Duterte's ICC case
- Remulla pledges transparency and impartiality as Ombudsman
- Supreme Court censures Marikina judge over parking dispute with PAO lawyer
- Batangas engineer suspended after alleged bribery attempt on congressman Leviste
- Israel launches new spy satellite in 'message' to enemies
- Dizon to order DPWH officials to submit courtesy resignation
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
