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.
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://www.erlvyiwan.com
”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
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
- Marcos says commission on DPWH anomalies to be finalized 'very soon,' mum on Magalong participation
- Floods kill over 30 in Indian-controlled Kashmir, displace 150,000 in east Pakistan
- Nepal to block unregistered social media platforms – govt
- 3 Luzon dams release water
- Manila mayor warns against mobs, orders police to maintain peace and order
- House holds budget review with 21 civil society organizations
- North Korean leader inspects new missile factory ahead of visit to China
- US and European officials meet to discuss new sanctions on Russia
- Duterte lawyer cites former president's failing health, urges return to PH after ICC postpones hearing
