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://www.aichuwei.com
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.”
”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
- Alex Eala makes history With comeback victory at US Open
- Putin vows not to back down in Ukraine
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
- Supreme Court urged to act on fake complaints
- Sotto files bill to amend party-list system
- Marcos to youth: Help in nation-building
- Australia government condemns anti-immigration rally in Sydney
- Marikina City chief of police relieved
- Makati distributes Blu Card cash aid
- UK, Japan, South Korea endure hottest summer on record
