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., This news data comes from:http://www.redcanaco.com
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.”
Go files housing development bill
”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.
- International media protest over journalist deaths in Gaza
- Indonesia protests put spotlight on paramilitary police force
- Need to pee? Japan has QR code for that
- ChatGPT to get parental controls after teen's death
- Nepal to block unregistered social media platforms – govt
- Sotto files bill to amend party-list system
- Thai opposition's kingmaking summit fails to back new PM
- US Spirit Airlines files for bankruptcy again
- IBP forms committee on good governance to probe corruption
- Artikulo Onse' group calls for independent panel to probe flood control corruption
