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://tmfssx.redcanaco.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.
- Read to reduce sentence, Uzbekistan tells prisoners
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- Budget shortfall narrows in July
- Indonesia hosts annual US-led combat drills with Indo-Pacific allies
- Trump escalates crackdown threats with Chicago 'war' warning
- Philippine experts urge harm reduction strategy for tobacco control
- 1 in 4 people lack access to safe drinking water — UN
- Social pension eyed for indigent seniors
- Go files housing development bill
- PH, Australia, Canada hold joint sea drills
