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.
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.
Go files housing development bill, This news data comes from:http://www.aichuwei.com
- Berlin urges Israel to 'immediately' improve humanitarian conditions in Gaza
- MMDA readies for FIVB men’s volleyball
- Construction managers, developers back Housing chief's anti-corruption advocacy
- Former PNP chief Torre III offered new government post
- Thai opposition holds kingmaking summit deciding new PM
- House holds budget review with 21 civil society organizations
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
- House tackles P881B public works budget amid flood control anomalies
- Trump frustrated after thinking he made headway on Russia-Ukraine talks only to see Putin balk
- Thousands protest in Indonesia as military deployed in capital
