SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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., This news data comes from:http://www.gyglfs.com
- China's Xi holds talks with North Korea's Kim in Beijing
- NBI starts own inquiry of DPWH contracts
- Manila marks National Heroes Day with job fair
- Trump: Many Americans ‘like a dictator’
- Napolcom confirms Lt. Gen. Nartatez as acting PNP chief
- US appeals court blocks Trump's use of wartime law for deportations
- IBP to form good governance panel
- Iran says open to US nuclear talks, rejects missile curbs
- Marcos suspends importation of regular, well-milled rice for 60 days
- UP journalism professor chides Rep. Gomez over ‘media spin’ claims
