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.
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., This news data comes from:http://nuwsts.aichuwei.com
- Palace suspends govt work, classes in several areas due to bad weather
- Prompt release of educational aids sought
- Housing secretary declares 'zero-tolerance' policy on corruption
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Labubu fans flock to stores after launch of mini dolls
- Napolcom welcomes Nartatez’s move to recall Torre’s reassignments
- DICT grants amnesty to unregistered delivery firms
- Prince Harry to visit UK on anniversary of queen's death
- Van Gogh Museum 'could close' without more help from Dutch govt
- Portugal mourns after Lisbon streetcar accident kills 15
