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, This news data comes from:http://yu.052298.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.
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.
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- UN force in Lebanon slams Israeli drone attack on peacekeepers
- Magnitude 5.1 earthquake rattles Surigao del Sur
- Australia's mushroom murderer faces victims' family in court
- Sara favors punishing officials, lifestyle checks
- 2 policemen placed under preventive custody for allegedly molesting a female colleague in Marikina
- Ballots for oct 13 BARMM polls completed – Comelec
- Gasoline, diesel price hikes seen next week
- North Korea's Kim oversees ICBM engine test — state media
- Israeli protesters call for hostage deal ahead of cabinet meeting
