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.aichuwei.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.
- 2 Marikina policemen accused of molestation
- Inflation up 1.5% in August
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
- SC acquits suspect in 2012 killing of Dutch aid worker over doubtful testimonies
- Palace slams Discaya couple's denial in Film Heritage Building debacle
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
- Classes suspended in 10 Metro Manila cities due to rains
- Thai court dismisses prime minister over compromising phone call with Cambodian leader
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
