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.”, This news data comes from:http://erlvyiwan.com
”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
- SSS rolls out historic pension reform program
- DPWH seeks lookout bulletin vs officials, contractors in ghost projects
- Xi and Putin's hot mic moment: How long will science extend the human life span?
- Seoul says over 300 South Koreans held in US battery plant site raid
- Supreme Court censures Marikina judge over parking dispute with PAO lawyer
- Oil firms to raise pump prices Tuesday
- Venezuela deploys warships, drones as US destroyers draw near
- Xi meets Modi as China and India seek to rebuild ties
- Manila mayor warns against mobs, orders police to maintain peace and order
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
