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., 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.
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.
Go files housing development bill
- Social media erupts: Politicians' children face backlash for flaunting wealth
- Chinese sleeper agents' and PLA operatives a threat, Lacson warns
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- Macron rushes to find new French PM
- Modi, Ishiba agree to boost economic ties
- Taylor Swift, Travis Kelce engaged
- Catholic, Greek Orthodox clergy to stay in Gaza City to help weakest
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- La Niña may return but temperatures will remain high, UN says
- US church shooter 'obsessed with idea of killing children'
