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.
Go files housing development bill, This news data comes from:http://www.redcanaco.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.
- Nartatez vows to be fair in making reassignments
- Sen. Bong Go files bill for better health worker protection, benefits
- DOJ indicts Abra Mining for fraudulent trading
- Escudero subpoenas 5 contractors, 3 DPWH executives to Senate probe
- Lacson to Marcoleta: I don’t want a fight but I won’t back down from one
- ‘God’s Influencer’ to become first millennial saint
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- ICC postpones Duterte's hearing, reviews fitness to stand trial
- Choose Ombudsman with integrity, intelligence, insight – Cayetano
- Two dead as strong earthquake jolts Afghanistan
