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://etbpj.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.
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.
- Israeli protesters demand hostage deal as cabinet meets
- DOJ indicts Abra Mining for fraudulent trading
- Alice Guo faces new cases over POGO land
- Comelec en banc upholds cancelation of Duterte Youth Party-List registration
- Suspect in 2012 killing of Dutch aid worker freed
- Japan PM Ishiba bounces back in polls after election debacle
- Afghan quake death toll surges to over 2,200
- EU massive fine against Google draws Trump’s ire
- Israel expects 1 million Gazans to flee new offensive
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
