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://jyxingfa.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.
- Japanese volunteers to PH 'bedrock' of bilateral relations, says envoy
- Harold Cabreros takes post as new OCD chief
- Malabon City honors partners
- US appeals court blocks Trump's use of wartime law for deportations
- Dial 911: New nationwide emergency hotline to go live on Sept. 11
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
- ChatGPT to get parental controls after teen's death
- Two dead as strong earthquake jolts Afghanistan
- Taiwan, China locked in historical word war
- Discayas to file raps vs protesters, will attend Senate hearing — lawyer
