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, This news data comes from:http://www.redcanaco.com
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.
Go files housing development bill
- US agents arrest 475 in Hyundai-LG plant raid
- AKG chief denies using ‘kidnap’ car for personal purposes
- China is showing off its weaponry in a tightly controlled military parade
- Drug war whistleblower Royina Garma returns to PH after US detention
- Rise in HFMD cases due to better reporting, not outbreak
- CBCP president urges Israel to stop military operations in Gaza
- Petitioners challenge claim NAIA fees lowest in Southeast Asia
- Modi and Putin affirm special relationship as India faces steep US tariffs over Russian oil imports
- 'Mockery of science': US experts blast Trump climate report
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
