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://erlvyiwan.com
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.
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.
- Vietnam evacuates thousands ahead of Typhoon Kajiki
- DPWH exec fired, 2 others face dismissal over flood control mess
- La Niña may return but temperatures will remain high, UN says
- Afghanistan earthquake kills more than 800
- Some National Guard units in Washington are now carrying firearms in escalation of Trump deployment
- Palace rejects Sara's offer of 'free advice' on flood solutions, says to give it to 'Mayor Baste' instead
- Customs finds only 2 luxury cars at contractor's compound in Pasig
- Xi says China 'unstoppable' in parade opening speech
- LBC Express Holdings top executive to retire in Oct.
- China's Communist rulers push party role before World War II anniversary
