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.”
”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, This news data comes from:http://ryskytxu.jyxingfa.com
- Comelec probes 15 contractors for illegal campaign donations
- South Korea to ban mobile phones in school classrooms
- India to probe giant zoo run by son of Asia's richest person
- US agents arrest 475 in Hyundai-LG plant raid
- Bolsonaro verdict looms as Brazil coup trial closes
- Hontiveros wants Senate to probe Chinese who pretended to be Filipino
- 'Strangest' dinosaur covered in spiked armory – scientists
- French couple kept panther that roamed nearby rooftops
- Indonesia leader orders investigation into driver's protest death
- Duterte defense files more motions challenging ICC prosecutor
