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.
Go files housing development bill, This news data comes from:http://www.aichuwei.com
- Lacson to govt: Protect education budget
- National Guard troops begin carrying weapons in US capital
- North Korean leader inspects new missile factory ahead of visit to China
- Russian drone, missile attack kills 14, injured 48 in Kyiv
- Mexican boxer Chavez Jr. released from prison pending trial
- Isko files raps over demolition of sports complex
- US and European officials meet to discuss new sanctions on Russia
- ‘God’s Influencer’ to become first millennial saint
- No peace without end to hostilities –Arab bloc
- South Korea's Lee faces pivotal test at first summit with Trump
