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, This news data comes from:http://www.705-888.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.
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.
- Sotto files bill to amend party-list system
- Seoul says over 300 South Koreans held in US battery plant site raid
- Customs preparing report on Discayas’ 28 luxury cars
- Israel army urges Gaza City residents to leave
- San Juan commemorates first revolution under Spanish rule in 129th Araw ng Pinaglabanan
- Earthquake kills 250, injures 500 in Afghanistan
- Chinese sleeper agents' and PLA operatives a threat, Lacson warns
- MMDA inks deal with DBM for G-3 program
- 'Perfect storm': UK fishermen reel from octopus invasion
- New mining law to balance profit, ecology
