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.
Go files housing development bill, This news data comes from:http://www.gangzhifhm.com
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- No winner in Ultra, Megalotto draws for Sept 5
- Inoue says taunts 'missed the target' ahead of world title clash
- ‘Large shark’ kills man off Sydney beach
- Sara slams govt corruption probe as a 'political zarzuela,' to meet with Robredo at Bicol festival
- AKG chief denies using ‘kidnap’ car for personal purposes
- Fire breaks out in Manila residential area
- Repairs on Chinese ship in Bajo de Masinloc collision may take 2 months - PH Navy
- WorldSkills Asean Manila begins
- Public Works chief to press criminal charges against Bulacan engineer
