SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://psrnl.gyglfs.com
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.
Go files housing development bill
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.
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Discaya says her family owns nine companies
- Hope dwindles for survivors days after deadly Afghan quake
- Japan pledges continued support for Philippine development projects
- AKG chief denies using ‘kidnap’ car for personal purposes
- Estrada, Villanueva tagged in House flood control mess, says 'SOP was 30%'
- DoJ to begin preliminary investigation into missing cockfighting enthusiasts
- North Korea's Kim oversees ICBM engine test — state media
- NKorea could produce ten to twenty nukes per year — SKorea leader
- Marcos halts flood control budget; new commission to investigate expected 'in 48 hours'
