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, This news data comes from:http://aichuwei.com
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.
Go files housing development bill
- Nartatez vows to be fair in making reassignments
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- South Korean President vows support to Koreans arrested in US immigration raid
- Israeli army: Gaza City now 'a dangerous combat zone'
- Comelec delays implementation of decision disqualifying Duterte Youth Party-List
- 'Five Eyes' ministers meet to discuss smashing people smuggling gangs, UK says
- Housing secretary declares 'zero-tolerance' policy on corruption
- Marcos confers diplomatic merit award on two ambassadors
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Vietnam marks 80th independence anniversary with huge parade
