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.
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., This news data comes from:http://kpdlgc.gangzhifhm.com
- Escudero subpoenas 5 contractors, 3 DPWH executives to Senate probe
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
- Vietnam evacuates thousands ahead of Typhoon Kajiki
- Thai woman jailed for 43 years for lese majeste freed
- 2 Marikina policemen accused of molestation
- Taiwan, China locked in historical word war
- Earthquake kills 250, injures 500 in Afghanistan
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
- Sri Lanka's jailed ex-president Wickremesinghe granted bail
- 15 drug war victims cleared to join Duterte's ICC case
