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.
Go files housing development bill, This news data comes from:http://aichuwei.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.
- Thailand's Parliament to vote Friday for a new prime minister
- Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam Heavy rain falls in parts of Southeast Asia after tropical storm blows into Vietnam
- 'Pink and green' protests call for a reset in Indonesia
- CBCP president urges Israel to stop military operations in Gaza
- A summit and parade in China may signal a geopolitical shift
- Heavy rain causes flooding, landslides and 8 deaths in Vietnam and Thailand
- Batangas engineer suspended after alleged bribery attempt on congressman Leviste
- Sara Duterte calls DPWH flood control Inquiry a 'Zarzuela'
- Laws signed on holidays, court branches
- Nartatez vows to be fair in making reassignments
