SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://kku-umt-ffyi-nw.771bg.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.
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.
Go files housing development bill
- 'Large shark' kills man off Sydney beach
- China's Communist rulers push party role before World War II anniversary
- Motive probed for US shooting that killed two children, injured 17
- Sotto ousts Escudero in Senate coup
- France seized by fears of new political crisis
- Israel military says controls 40 percent of Gaza City
- MMDA unveils plan to build rainwater impounding facilities in Camp Aguinaldo
- DPWH engineer denies role in Bulacan flood control ‘ghost projects’
- Police officers face more charges in missing cockfight enthusiasts case
- Leviste files charges against DPWH engineer who tried to bribe him
