SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program.
Go files housing development bill
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., This news data comes from:http://gangzhifhm.com
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.
- Senate subpoenas 8 DPWH officials, contractors in flood control probe
- Sri Lanka ex-president Wickremesinghe hospitalized after arrest
- Thailand acting PM moves to dissolve parliament — party
- US church shooter 'obsessed with idea of killing children'
- Earthquake in eastern Afghanistan kills at least 610 people and injures 1,300
- India to cut taxes on hundreds of consumer goods to boost local demand following steep US tariffs
- US agents arrest 475 in Hyundai-LG plant raid
- Gasoline, diesel price hikes seen next week
- Marcos soon to create commission to probe flood control projects
- Putin threatens to target Western troops in Ukraine
