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., This news data comes from:http://www.gyglfs.com
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.
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.
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- Xi and Putin round on West at regional summit in China
- Vatican puts Pope Francis' ecological preaching into practice with vocational farm center
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- China is showing off its weaponry in a tightly controlled military parade
- North Korean leader inspects new missile factory ahead of visit to China
- Marcos inspects rock shed project in Benguet
- Discayas to file raps vs protesters, will attend Senate hearing — lawyer
- NATO members to reach 2% defense spending goal this year
- Konektadong Pinoy Bill has lapsed into law — Palace
