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., This news data comes from:http://gangzhifhm.com
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.
Go files housing development bill
- Indonesia's delayed new capital risks 'white elephant' status
- Putin lands in Tianjin for summit hosted by China
- Taylor Swift, Travis Kelce engaged
- Kneecap to play Paris concert in defiance of objections
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- PTFOMS and CHR sign agreement to improve Filipino media workers' safety
- Konektadong Pinoy bill lapses into law
- Wawao Builders exec ‘not sure’ if company has flood control project in Bulacan
- Navotas inks deal for school feeding project
- Customs finds only 2 luxury cars at contractor's compound in Pasig
