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.”
”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, This news data comes from:http://xewepkt.yamato-syokunin.com
- Bolsonaro verdict looms as Brazil coup trial closes
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
- COA flags fraud in P342M Bulacan flood control projects
- NACC renews appeal: Adopt neglected kids
- Israeli forces seize nearly 0,000 in West Bank raid
- ALPAS Consultancy bags five awards in Philippine Quill debut
- Malabon shifts garbage disposal to Rizal landfill after Navotas closure
- Opponents of Japan PM seek leadership contest
- Comelec defers BARMM district reconstitution
- North Korean leader inspects new missile factory ahead of visit to China
