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.
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.”, This news data comes from:http://bobn.yamato-syokunin.com
”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
- Putin threatens to target Western troops in Ukraine
- Putin meets Kim, praises North Korean troops in Russia
- Japan govt seeks to triple spending on drones
- Marcos Jr. seeks 'fair, impartial' Ombudsman - Palace
- 9 dead in Ecuador after bus plunges into ravine
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- A summit and parade in China may signal a geopolitical shift
- Marcos sacks PNP Chief Torre, saying it was 'difficult but necessary'
- Israel tells residents to leave Gaza City ahead of offensive
- Need a pee? Japan has QR code for that
