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.”, This news data comes from:http://sd.jyxingfa.com
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.
- Chinese tourist city Sanya shuts down as typhoon intensifies
- China races to build world’s largest solar farm
- NHA gives cash aid to families affected by calamity in Manila
- Construction managers, developers back Housing chief's anti-corruption advocacy
- ICC clears applications of 15 drug war victims to join proceedings vs Duterte
- AFP: It would take more than a tugboat to tow BRP Sierra Madre from Ayungin Shoal
- Housing secretary declares 'zero-tolerance' policy on corruption
- 100K Pakistanis flee amid flood threat
- Israel ups pressure on Gaza City as Trump talks post-war plan
- South Korean prosecutors indict Yoon's wife, former PM
