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
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., This news data comes from:http://www.gangzhifhm.com
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- Oil firms to hike pump prices Tuesday
- Duterte lawyers take aim at ICC prosecutor
- Japan PM Ishiba bounces back in polls after election debacle
- Support grows for independent probe into flood control projects
- Anutin elected as Thailand's new prime minister
- Lawmaker linked to anomalous flood control projects in US for medical reasons, says House spokesman
- Housing secretary declares 'zero-tolerance' policy on corruption
- Vietnam evacuates thousands ahead of Typhoon Kajiki
- UK's mass facial-recognition roll-out alarms rights groups
