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., This news data comes from:http://ycyzqzxyh.com
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.”
”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.
- South Korean President vows support to Koreans arrested in US immigration raid
- France seized by fears of new political crisis
- Corruption crackdown: VP Sara Duterte, lawmakers call for deeper probe into government
- Artikulo Onse' group calls for independent panel to probe flood control corruption
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Trump moves to end US tariff exemption for small packages
- Roxas matriarch Judy Araneta-Roxas, 91
- Court orders Immigration to release of Global Ferronickel Chairman Joseph Sy
- MMDA inks deal with DBM for G-3 program
- Putin facing mounting pressure from the West
