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
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, This news data comes from:http://www.gangzhifhm.com
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.
- Marcos 'ready' to undergo lifestyle check- Palace
- PH to host seafarers’ welfare forum
- 2,000 North Korean troops killed in Russia deployment: Seoul spy agency
- Putin facing mounting pressure from the West
- Boy killed, mother injured in Pasig fire
- Group presses DA on delayed fertilizer subsidies
- Trump tells Europe to put economic pressure on China over Ukraine
- Ever dream of having an entry in the Guinness World Records? Here's how to do it
- Putin threatens to target Western troops in Ukraine
- Xi and Putin round on West at regional summit in China
