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.
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.
Go files housing development bill, This news data comes from:http://yamato-syokunin.com
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.
- Modi: India, Japan to 'shape the Asian century'
- Aid flotilla with Greta Thunberg set to sail for Gaza
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
- Bersamin letter proves Torre reassignments ‘valid’
- Nepal to block unregistered social media platforms – govt
- India's Modi seeks closer ties on Asia tour to offset US tariff fallout
- ICC postpones Duterte's hearing, reviews fitness to stand trial
- DICT grants amnesty to unregistered delivery firms
- Kris Aquino is alive, says friend amid reports of death
- Putin threatens to target Western troops in Ukraine
