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://quaewy.052298.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.
- Protesters storm Discaya compound for second straight day
- House starts flood control probe
- US appeals court finds Trump's global tariffs illegal
- Famed streetcar in Lisbon, Portugal, derails and crashes, killing 15 people
- Lacson clears air over conflict with Marcoleta on flood control probe
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- Vietnam marks 80th independence anniversary with huge parade
- Cyclone's trough, habagat will bring cloudy skies, rain showers over PH
- National Guard troops begin carrying weapons in US capital
- Housing secretary declares 'zero-tolerance' policy on corruption
