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., This news data comes from:http://www.aichuwei.com
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.
- Duterte lawyers take aim at ICC prosecutor
- 'Strangest' dinosaur covered in spiked armory – scientists
- One in four people lack access to safe drinking water – UN
- Firefighters arrested by US immigration officials
- A tale of two cities: San Mateo rejects Manila's trash; Rizal opens landfill to Malabon
- Co out of country for medical reasons
- DPWH opens foreign-assisted projects to LGUs
- Marcos 'ready' to undergo lifestyle check- Palace
- 2 Marikina policemen accused of molestation
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
