SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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://erlvyiwan.com
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.
- Made in China? The remarkable tale of Venice's iconic winged lion
- Supreme Court urged to act on fake complaints
- Trump threatens Russia with sanctions after biggest aerial attack on Ukraine
- Israeli protesters call for hostage deal ahead of cabinet meeting
- Philippine experts urge harm reduction strategy for tobacco control
- Philippines nears universal healthcare, 80% goal achieved -- Marcos
- Budget shortfall narrows in July
- Fears of new political crisis grip France
- New Zealand to allow some wealthy foreign investors onto property market
- House resumes budget briefings
