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://gangzhifhm.com
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.
- North Korea's Kim in China ahead of massive military parade
- Australia expels Iran ambassador over antisemitic attacks
- Japan PM decides to quit as opponents seek leadership election: reports
- US church shooter 'obsessed with idea of killing children'
- Lookout bulletins out vs Atong Ang, Barretto
- PNP chief leads fun run
- Pope Leo XIV to Israeli president: 2-state solution needed to end Gaza war
- 100K Pakistanis flee amid flood threat
- Indonesia's delayed new capital risks 'white elephant' status
- Construction managers, developers back Housing chief's anti-corruption advocacy
