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.”
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., This news data comes from:http://redcanaco.com
Go files housing development bill
- Pagasa monitors LPA off Cavite, may still become tropical depression
- Duterte Youth brings Comelec cancelation battle to Supreme Court
- 'Strangest' dinosaur covered in spiked armory — Scientists
- What to know about Indonesia's nationwide unrest over lawmakers' perks
- CFO moves office from QC to Pasay
- Comelec delays implementation of decision disqualifying Duterte Youth Party-List
- PNP disputes China's crime advisory, says Philippines crime rate dropped
- PH has chance of getting UNSC seat - Manalo
- Remulla pledges transparency and impartiality as Ombudsman
- 17 House lawmakers press Marcos administration to raise WPS issue to UN
