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., This news data comes from:http://www.gangzhifhm.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.
Go files housing development bill
- Nepali court: Hindu holy men's nudity not obscene
- China's Communist rulers push party role before World War II anniversary
- SSS rolls out historic pension reform program
- Transport chief pushes shame campaign vs errant motorists
- Gaza at 'breaking point,' says UN food agency chief after visit
- Israel flattens high-rise as it tells Gaza City residents to flee
- North Korean leader inspects new missile factory ahead of visit to China
- Pope Leo meets LGBTQ+ Catholic advocate and vows continuity with Pope Francis' legacy of welcome
- Ukraine's children start new school year in underground classrooms to avoid Russian bombs
- House starts flood control probe
