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://gangzhifhm.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.
- In Taiwan, competing narratives over the meaning of China's massive military show
- Rise in HFMD cases due to better reporting, not outbreak
- China 'unstoppable', says Xi with Kim, Putin at his side
- Iran says open to US nuclear talks, rejects missile curbs
- Alex Eala targets US Open Round of 32 in rematch against Spanish rival
- Nartatez to reassign Torre if he won't retire, says they're 'okay'
- Thailand ruling party moves to dissolve parliament
- La Niña forecast from Sept-Dec, expect more tropical cyclones, above normal rainfall -- Pagasa
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- ‘Lannie’ will bring rain showers, thunderstorms over North Luzon —Pagasa
