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://www.xs888999.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
- New Zealand to allow some wealthy foreign investors onto property market
- Pope Leo XIV to Israeli president: 2-state solution needed to end Gaza war
- Tokyo protests to Beijing over gas field in East China Sea
- Cambodia MPs pass law allowing stripping of citizenship
- Philippines to work more closely with US amid regional challenges
- Argentina hunts Nazi-looted painting revealed in property ad
- Israel expects 1 million Gazans to flee new offensive
- Indonesia leader orders investigation into driver's protest death
- North Korea test-fires two 'new' air defense missiles
- Pump prices increase for 2nd straight week
