SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://redcanaco.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.”
”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
- Oil firms to raise fuel prices this week
- Cyclone's trough, habagat will bring cloudy skies, rain showers over PH
- China to bolster non-Western alliances at summit, parade
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
- House tackles P881B public works budget amid flood control anomalies
- 17 House lawmakers press Marcos administration to raise WPS issue to UN
- PNP chief Torre relieved from post — Palace
- Portugal mourns after Lisbon streetcar accident kills 15
- President Marcos to attend 80th UN General Assembly in New York
- Iran says open to US nuclear talks, rejects missile curbs
