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.
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., This news data comes from:http://www.gangzhifhm.com
Go files housing development bill
- PH Defense chief slammed for 'bad mouthing' China
- House starts flood control probe
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- Heavy rains flood parts of Metro Manila anew
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- Two foreigners face trafficking complaint in Pasay City
- Israeli strikes in Yemen's capital kill six, Houthis say
- Follow the trucks: Why investors are looking south of Metro Manila
- Bolsonaro verdict looms as Brazil coup trial closes
- LTO summons driver who berated MMDA enforcer
