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://gyglfs.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.”
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.
- China 'unstoppable', says Xi with Kim, Putin at his side
- Red Cross head says mass evacuation of Gaza City 'impossible'
- Palace suspends govt work, classes in several areas due to bad weather
- NKorea could produce ten to twenty nukes per year — SKorea leader
- Russian drone, missile attack kills 14, injured 48 in Kyiv
- Inoue says taunts 'missed the target' ahead of world title clash
- Nepal to block unregistered social media platforms – govt
- Cebu Pacific to launch direct flights between Cebu and Palawan
- Lacson: Torre 'acted beyond his authority'
- Israeli army: Gaza City now 'a dangerous combat zone'
