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., This news data comes from:http://www.xs888999.com
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.
- Palace suspends govt work, classes in several areas due to bad weather
- PH, Australia, Canada hold maritime drills in West Philippine Sea
- Scramble for survivors as Afghan earthquake death toll passes 1,400
- DOJ issues lookout order vs Atong Ang, others over missing cockfighters
- Can a giant seawall save Indonesia's disappearing coast?
- Social media erupts: Politicians' children face backlash for flaunting wealth
- House bill seeks to regulate AI use
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Thailand's Parliament to vote Friday for a new prime minister
