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://hu-ne-mf-aw.jyxingfa.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
- Passenger with fake Overseas Employment Certificate barred from leaving
- No winner in Grand, Megalotto draws for Aug 27
- China displays its weaponry in a tightly controlled military parade
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- Tourists dice with danger on Hanoi's train street
- 'I have no resentment,' says Torre after dismissal as PNP chief
- Pump prices increase for 2nd straight week
- Trump to blacklist countries for imprisoning Americans
- Pag-IBIG: More than 25k register for socialized housing units under Expanded 4PH
- Venezuela deploys warships, drones as US destroyers draw near
