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.
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.”, This news data comes from:http://ocaq.771bg.com
Go files housing development bill
”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.
- Marcos embarks on three-day state visit to Cambodia
- Marcos soon to create commission to probe flood control projects
- Palace rejects China's 'troublemaker' tag
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
- China's Xi holds talks with North Korea's Kim in Beijing
- Puno seeks probe of anomalous projects ‘funders’
- Comelec probes 15 contractors for illegal campaign donations
- Hope dwindles for survivors days after deadly Afghan quake
- Hontiveros urges probe on Chinese faking Filipino identity
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
