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.
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.”, This news data comes from:http://www.aichuwei.com
Go files housing development bill
”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.
- Marcos to attend UN meet in New York in Sept- Palace
- CFO office moves from Quezon City to Pasay
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Made in China? The remarkable tale of Venice's iconic winged lion
- Thai court to rule on PM's fate after Hun Sen call leak
- Mexican drug lord faces life in prison after pleading guilty in US court
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- Sri Lanka's jailed ex-president Wickremesinghe granted bail
- Private groups back DHSUD chief's anti-corruption policy
