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.
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://redcanaco.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.
Go files housing development bill
- LBC Express Holdings top executive to retire in Oct.
- 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
- Trump escalates crackdown threats with Chicago 'war' warning
- LPA has big chance of intensifying into tropical cyclone to be named ‘Kiko’
- NKorea's Kim tells Xi hopes to 'steadily develop' ties – KCNA
- More funding sought for sports commission
- Pasig fire kills child, injures mother as she tries to save him
- Thailand ruling party moves to dissolve parliament
- US appeals court blocks Trump's use of wartime law for deportations
- Maryland resident is diagnosed with New World screwworm. What to know about the parasite
