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.”, This news data comes from:http://erlvyiwan.com
”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.
- New law lets foreigner investors lease land for 99 years
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
- Duterte’s defense team outlines ICC strategy
- Thailand ruling party moves to dissolve parliament
- Pagasa monitors LPA off Cavite, may still become tropical depression
- President Marcos launches HD Hyundai Shipyard in Subic
- Co out of country for medical reasons
- Putin meets Kim, praises North Korean troops in Russia
- Australia halts logging for koala haven on eastern coast
- Discaya says her family owns nine companies
