SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://xgq.erlvyiwan.com
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.
Go files housing development bill
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.
- Taiwan: China illegally deploying oil rigs in its waters
- Trump: Many Americans ‘like a dictator’
- 'Mockery of science': US experts blast Trump climate report
- Discaya companies' licenses revoked for bid-rigging
- North Korea's Kim Jong Un travels to Beijing to watch military parade alongside Putin, Xi Jinping
- Social media erupts: Politicians' children face backlash for flaunting wealth
- Kneecap to play Paris concert in defiance of objections
- PH, Japan conduct search and rescue exercises
- Van Gogh Museum 'could close' without more help from Dutch govt
- One in four people lack access to safe drinking water – UN
