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
”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
- Escudero says new lease law to make PH more appealing to investors
- Trump move to cut more foreign aid risking shutdown
- NKorea could produce ten to twenty nukes per year — SKorea leader
- Eight towns in Cotabato cancel classes on Monday
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- Russia hits seat of Ukraine government in war's biggest air attack
- Customs preparing report on Discayas’ 28 luxury cars
- CFO moves office from QC to Pasay
- PH Navy spots 20 Chinese ships near BRP Sierra Madre
