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.
Go files housing development bill
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., This news data comes from:http://jyxingfa.com
- House resolution filed to investigate 'funders' of anomalous projects
- COA launches sweeping audit of flood control projects
- US Spirit Airlines files for bankruptcy again
- Marcos to attend UN meet in New York in Sept- Palace
- SpaceX cancels Starship megarocket launch
- Appointments panel holds first session
- Gaps in healthcare services remain - study
- House justice panel to probe US' extradition request for Quiboloy
- Marcos 'ready' to undergo lifestyle check- Palace
- Earthquake kills 250, injures 500 in Afghanistan
