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.
Go files housing development bill, This news data comes from:http://www.jyxingfa.com
- Palace: Govt monitoring Chinese sleeper agents, PLA presence in PH
- 3 Luzon dams release water
- Wildfires producing 'witches' brew' of air pollution – UN
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- CFO moves office from QC to Pasay
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Thai court to rule on PM's fate after Hun Sen call leak
- Bolsonaro verdict looms as Brazil coup trial closes
- Macron's decision to recognize Palestinian state angers Israel and the US
- 'Trump Whisperer' ex-minister joins Japan PM race
