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.
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.”
Go files housing development bill
”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., This news data comes from:http://redcanaco.com
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
- Trump wants to meet Norea Korea's Kim again
- House resolution filed to investigate 'funders' of anomalous projects
- Islamic State claims deadly attack on Pakistan rally
- 175th birth anniversary of Marcelo H. Del Pilar commemorated in Manila
- Oil firms to hike pump prices Tuesday
- DMW, pharmaceutical firm sign agreement to boost access to medicines, hospital services for OFWs, families
- Head of main US health agency abruptly dismissed
- No winner in lotto draws for Aug 23
- Russian drone, missile attack kills 14, injured 48 in Kyiv
