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, This news data comes from:http://ycyzqzxyh.com
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.
- Israeli forces seize nearly 0,000 in West Bank raid
- DOJ indicts Abra Mining for fraudulent trading
- Japan accelerates missile deployment amid rising regional tensions
- CFO moves office from QC to Pasay
- Vatican puts Pope Francis' ecological preaching into practice with vocational farm center
- Sara mum, but brother thinks Torre removal due to PNP's 'internal conflicts'
- SEARCH WARRANT
- Discayas must return money before seeking immunity – Remulla
- UK, Japan, South Korea endure hottest summer on record
- Taiwan: China illegally deploying oil rigs in our waters
