SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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., This news data comes from:http://jyxingfa.com
- Dizon to abolish DPWH internal special investigation team created to look into the flood control anomalies
- Tensions soar in Indonesia as protests over police brutality and lawmakers' allowances continue
- Drug war victims’ groups slam postponement of ICC hearing on Duterte
- India's Modi seeks closer ties on Asia tour to offset US tariff fallout
- China 'elephant in the room' at fraught Pacific Islands summit
- Israel launches new spy satellite in 'message' to enemies
- Peace efforts in limbo as Kyiv mourns 23 dead
- Malabon averts crisis with garbage deal
- Heart Evangelista faces scrutiny over lifestyle as husband loses Senate presidency
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
