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., This news data comes from:http://gwuu.redcanaco.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.
- 95 IMAGES OF MARY
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
- Tokyo protests to Beijing over gas field in East China Sea
- Marcos leads oath taking of new officers of League of Provinces of the Philippines
- N. Korea test-fires two 'new' air defense missiles
- India warns Pakistan of more cross-border flooding due to heavy monsoon rains
- Floods kill over 30 in Indian-controlled Kashmir, displace 150,000 in east Pakistan
- South Korea's Lee faces pivotal test at first summit with Trump
- 4 policemen linked to sabungero case slapped with more administrative cases
- 'New' position being offered to Torre — Palace
