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://asa-co-fffm-utkp.705-888.com
Go files housing development bill
- Trump wants to meet Norea Korea's Kim again
- India to probe giant zoo run by son of Asia's richest person
- Trump moves to limit US stays of students, journalists
- Sara Duterte calls DPWH flood control Inquiry a 'Zarzuela'
- Recto: No exemption for US tech firms from digital tax
- Gasoline, diesel prices to increase again next week
- Thailand set for vote on new PM after dissolution bid rejected
- Xi and Putin round on West at regional summit in China
- 100K Pakistanis flee amid flood threat
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
