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://rxgngi.redcanaco.com
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.”
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.
- Mexican drug lord faces life in prison after pleading guilty in US court
- 9 dead in Ecuador after bus plunges into ravine
- Filipino fulfills dream of performing with K-pop group before home fans
- Cebu Pacific to launch direct flights between Cebu and Palawan
- PH has chance of getting UNSC seat - Manalo
- Putin vows not to back down in Ukraine
- NHA gives cash aid to families affected by calamity in Manila
- North Korea's Kim Jong Un travels to Beijing to watch military parade alongside Putin, Xi Jinping
- Globe partners with unconnected.org to provide remote schools with sustainable internet connectivity
- Discaya companies' licenses revoked for bid-rigging
