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://xl-ivg-aut-lvlm.erlvyiwan.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.
- Thai opposition holds kingmaking summit deciding new PM
- Scramble for survivors as Afghan earthquake death toll passes 1,400
- Washington makes military aid overtures to Sahel juntas
- Xi slams 'bullying' in speech to regional leaders at summit
- Lacson seeks probe of 2 PH contractors' board members for conflict of interest
- Kneecap to play Paris concert in defiance of objections
- Laws signed on holidays, court branches
- Trump hails Department of War rebrand as 'message of victory'
- Head of main US health agency abruptly dismissed
- Palace rejects China's 'troublemaker' tag
