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://771bg.com
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.”
”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.
- Seoul says over 300 South Koreans held in US battery plant site raid
- Artikulo Onse' group calls for independent panel to probe flood control corruption
- Construction managers, developers back Housing chief's anti-corruption advocacy
- China to bolster non-Western alliances at summit, parade
- Protesters storm Discaya compound, Sotto calls for calm
- Plea written in blood saves Chinese woman trapped in locked room
- Comelec en banc upholds cancelation of Duterte Youth Party-List registration
- Pakistanis no reprieve from floods yet
- UN watchdog finds uranium traces at suspected Syrian former nuclear site
- US approves .5M in assistance to Nigeria to help address hunger
