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://www.771bg.com
- Taiwan: China illegally deploying oil rigs in its waters
- New judge to handle Dengvaxia cases named; hearing set
- DPWH to revisit budget, to complete revisions within 2 weeks
- Nartatez relieves Fajardo as PNP spokesman
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- Comelec en banc upholds cancelation of Duterte Youth Party-List registration
- Palace suspends govt work, classes in several areas due to bad weather
- Australia government condemns anti-immigration rally in Sydney
- Surfacing of WPS features ‘likely’ natural occurrence, not due to dumped crushed corals
- Firefighters arrested by US immigration officials
