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., This news data comes from:http://wmignmqv.xs888999.com
Go files housing development bill
- DFA: No US extradition request for Quiboloy
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Trump move to cut more foreign aid risking shutdown
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Private groups back DHSUD chief's anti-corruption policy
- Thai opposition holds kingmaking summit deciding new PM
- DPWH Secretary Dizon orders perpetual ban of Wawao Builders, Syms Construction for ghost projects
- Philippines to launch shame campaign vs traffic violators
- Israeli forces seize nearly 0,000 in West Bank raid
- Israeli strikes in Yemen's capital kill six, Houthis say
