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.
Go files housing development bill
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://www.771bg.com
- Senate cites former Bulacan assistant district engineer in contempt
- Customs preparing report on Discayas’ 28 luxury cars
- DoJ to begin preliminary investigation into missing cockfighting enthusiasts
- 2 LPAs monitored inside PAR, bringing rain to Luzon
- Alex Eala makes history With comeback victory at US Open
- Xi says China 'unstoppable' in parade opening speech
- DPWH chief rejects calls to resign as he vows to probe corruption in flood control projects
- South Korean President vows support to Koreans arrested in US immigration raid
- Lacson: DPWH exec sought ‘insertions’
- House justice panel to probe US' extradition request for Quiboloy
