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://gyglfs.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.
- Police brutality fuels soaring tensions in Indonesia
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- CFO office moves from Quezon City to Pasay
- 'Pink and green' protests call for a reset in Indonesia
- Lacson lauds Leviste for arrest of DPWH engineer who offered P360M bribe
- ‘New NBI chief must be career official’
- Marcos embarks on three-day state visit to Cambodia
- Rubio says US warned France on Israel annexation moves
- No winner in lotto draws for Aug 28
- In Taiwan, competing narratives over the meaning of China's massive military show
