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://www.ycyzqzxyh.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.”
”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
- Indonesia's delayed new capital risks 'white elephant' status
- 9 dead in Ecuador after bus plunges into ravine
- Modi: India, Japan to 'shape the Asian century'
- Maryland resident is diagnosed with New World screwworm. What to know about the parasite
- DPWH told to build evacuation centers
- Zelenskyy meets European leaders on Ukraine security guarantees
- Indonesian finance minister's home looted as protest anger grows
- Trump says he wants to meet North Korea's Kim again
- Inflation up 1.5% in August
- 4 policemen linked to sabungero case slapped with more administrative cases
