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://gangzhifhm.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.
Go files housing development bill
- Macron rushes to find new French PM
- Thai PM Paetongtarn Shinawatra sacked; new turmoil feared
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- Filipino member of AHOP K-pop group says Manila concert a dream come true
- LGBTQ+ Catholics make Holy Year pilgrimage to Rome and celebrate a new sense of acceptance
- Thai opposition's kingmaking summit fails to back new PM
- Modi: India, Japan to 'shape the Asian century'
- Drones take on Everest's garbage
- Palace hits Discayas over ‘misinformation’ on PH film center project
- 'Ondoy'-level rains swamp Quezon City
