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://fic.052298.com
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.”
”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.
- Duterte’s defense team outlines ICC strategy
- Diokno urges Philippines to rejoin ICC to counter China's aggression
- DILG denies allegations that PNP chief fired over firearms deal
- PH to host seafarers’ welfare forum
- Ukraine eyes defense deal with PH that includes co-production of drones, says envoy
- Denmark summons US envoy over 'attempts to influence' Greenland
- Govt debt swells to record P17.58T
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
- New Zealand to allow some wealthy foreign investors onto property market
- Isko files raps over demolition of sports complex
