SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://erlvyiwan.com
Go files housing development bill
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.”
”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.
- BIR to audit contractors flagged for ghost flood projects for tax fraud — BIR
- Govt debt swells to record P17.58T
- IBP to form good governance panel
- Escudero subpoenaes 10 DPWH contractors for Senate probe next week
- Alex Eala targets US Open Round of 32 in rematch against Spanish rival
- Tourists dice with danger on Hanoi's train street
- Marcos to create independent commission to investigate flood control anomalies
- US Spirit Airlines files for bankruptcy again
- UN force in Lebanon slams Israeli drone attack on peacekeepers
- Prince Harry to visit UK on anniversary of queen's death
