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://jyxingfa.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.
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.
- Alex Eala makes history With comeback victory at US Open
- Bishops demand broad probe into flood project corruption
- WBO champ looms as Pacquiao’s next opponent
- New DPWH chief Dizon: "A department can't investigate itself"
- Indonesian police officer fired over killing that sparked protests
- LPA may still develop into short-lived tropical cyclone
- Harold Cabreros takes post as new OCD chief
- COA launches sweeping audit of flood control projects
- Motive probed for US shooting that killed two children, injured 17
- Co out of country for medical reasons
