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.”
Go files housing development bill
”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://gyglfs.com
- Thousands protest in Indonesia as military deployed in capital
- Motive probed for US shooting that killed two children, injured 17
- Nartatez vows fair assignments, better resource management as new PNP chief
- Lacson to give Dizon 'damning' proof vs DPWH 'rotten fruits'
- Thailand ruling party moves to dissolve parliament
- Wildfire tears through California gold rush town
- Vietnam marks 80th independence anniversary with huge parade
- Konektadong Pinoy bill lapses into law
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- Most Filipinos distrust China, see it as biggest threat — OCTA survey
