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.
Go files housing development bill, This news data comes from:http://www.jyxingfa.com
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
- Islamic State claims deadly attack on Pakistan rally
- Fire breaks out in Manila residential area
- PH, Australia commend ‘impressive’ joint sea drills
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
- More funding sought for sports commission
- Palace: Govt monitoring Chinese sleeper agents, PLA presence in PH
- Sotto files bill to amend party-list system
- ERC amends net-metering rules to expand renewable energy options
- Nepal to block unregistered social media platforms – govt
- Metro Manila, rest of Luzon would be rainy due to ‘habagat’ —Pagasa
