SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://efjyw.052298.com
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.
- Floods kill over 30 in Indian-controlled Kashmir, displace 150,000 in east Pakistan
- Cusi charged over Malampaya deal
- SC clarifies rules on land ownership
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- House probe tackles flood control corruption: Lawmakers disclose conflicts of interest
- Protesters storm Discaya compound for second straight day
- Sara says govt corruption probe a 'zarzuela,' plans to meet Robredo im Bicol festival
- Marcos signs law giving 99-year land lease to foreign investors
- Harold Cabreros takes post as new OCD chief
- A suicide bombing near a political rally in southwestern Pakistan kills 13 and wounds 30
