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.
Under the bill, the Department of Human Settlements and Urban Development, supported by shelter agencies, would lead the program’s implementation., This news data comes from:http://mpac.xs888999.com
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
- Marcos signs mining tax regime law
- DICT grants amnesty to unregistered delivery firms
- Argentine police recover Nazi-looted painting spotted in property ad
- Putin and Modi in China for summit hosted by Xi
- ICC clears applications of 15 drug war victims to join proceedings vs Duterte
- MMDA proposes rainwater facilities in Camp Aguinaldo to mitigate EDSA flooding
- Over 800 killed as quake rocks Afghanistan
- Peace efforts in limbo as Kyiv mourns 23 dead
- WorldSkills Asean Manila begins
- South Korean President vows support to Koreans arrested in US immigration raid
