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.
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.
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.”
Go files housing development bill
”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://www.gyglfs.com
- 25 countries suspend postal services to US over tariffs – UN
- Alex Eala targets US Open Round of 32 in rematch against Spanish rival
- Ukraine offers to co-produce drones with Philippines for maritime patrols
- Trump plans a hefty tax on imported drugs, risking higher prices and shortages
- Two dead as strong earthquake jolts Afghanistan
- Trump moves to cut more foreign aid, risking shutdown
- Govt eyes charges vs Discayas over 'unfinished' PH Film Heritage Building
- LTO told to summon 2 DPWH engineers with fake driver’s license
- Alex Eala makes history With comeback victory at US Open
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
