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.”, This news data comes from:http://771bg.com
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
- Read to reduce sentence, Uzbekistan tells prisoners
- Trump health misinformation swirls despite denial
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
- Israel military says controls 40 percent of Gaza City
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
- Lacson: DPWH exec sought ‘insertions’
- Macron's decision to recognize Palestinian state angers Israel and the US
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
- Mexican drug lord faces life in prison after pleading guilty in US court
- Ukraine says Russia linked to lawmaker's killing
