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., This news data comes from:http://www.771bg.com
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
- Thailand ruling party moves to dissolve parliament
- Denmark summons US envoy over 'attempts to influence' Greenland
- Japanese climber, 102, sets Mount Fuji record
- 'No way' US troops can invade Venezuela, says Maduro
- More funding sought for sports commission
- VP Sara lauds Filipino heroes
- Japan accelerates missile deployment amid rising regional tensions
- Iran-backed Houthis raid UN offices in Yemen and detain at least 11 employees
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- 500 Internal Server Error
