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., This news data comes from:http://bwyky.erlvyiwan.com
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.
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.
Go files housing development bill
- Japan govt seeks to triple spending on drones
- Marcos halts flood control budget; new commission to investigate expected 'in 48 hours'
- Maduro calls for dialogue hours after Trump’s threat
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- Pagasa sees cyclone-free week across PH
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- PH to host seafarers’ welfare forum
- Applicability of zero-balance billing questioned
- London arms show opens under Israel cloud
- House suspends DPWH budget deliberations pending submission of changes by agency, DBM
