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://vyr.052298.com
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.”
Go files housing development bill
”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.
- Robinsons to build 9-story office building in Davao City
- Estrada, Villanueva tagged in House flood control mess, says SOP was '30%'
- US warship heading toward Caribbean Sea
- Fire breaks out in Manila residential area
- Rubio says US warned France on Israel annexation moves
- Discayas must return money before seeking immunity – Remulla
- Anti-fake news bill filed anew in House
- North Korea's Kim oversees ICBM engine test — state media
- Pasig fire kills child, injures mother as she tries to save him
- 15 drug war victims cleared to join Duterte's ICC case
