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.”
”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://ogh.ycyzqzxyh.com
Go files housing development bill
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- 'Large shark' kills man off Sydney beach
- Tariffs, migration and cartels will top Rubio's talks in Mexico and Ecuador this week
- Trump escalates crackdown threats with Chicago 'war' warning
- Marcos urged to raise WPS resolution at UN
- Marcos to attend UN meet in New York in Sept- Palace
- India's Modi meets Japan's Ishiba as he begins Asia tour
- No peace without end to hostilities –Arab bloc
