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.jyxingfa.com
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.
- 'Pink and green' protests call for a reset in Indonesia
- Yemen's Huthis hold funeral for PM killed in Israeli strike
- Venezuela builds up border security over US warships
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- Taiwan: China illegally deploying oil rigs in its waters
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
- Marcos signs laws declaring holidays across PH
- House probe tackles flood control corruption: Lawmakers disclose conflicts of interest
- DOST, SM Supermalls partner to empower businesses with sustainable practices
- Indonesia turns down ear-splitting 'haram' street parties
