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
Go said the measure aims to meet the country’s growing social housing demands, particularly among underprivileged and homeless citizens., This news data comes from:http://ummgdyqf.gyglfs.com
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
- Putin vows not to back down in Ukraine
- Taiwan: China illegally deploying oil rigs in its waters
- Zelenskyy seeks talks with Trump and European leaders on slow progress of peace efforts with Russia
- Xi and Putin round on West at regional summit in China
- Task force cites new threats to media workers
- Super Sale: Pag-IBIG offers 40% off on foreclosed assets
- Putin tells Xi China-Russia ties are at 'unprecedented level'
- Labubu fans flock to stores after launch of mini dolls
- 'God's Influencer' to become first millennial saint
- Strikes across Gaza Strip kill at least 31 as international scholars accuse Israel of genocide
