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.”
”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., This news data comes from:http://www.gangzhifhm.com
Go files housing development bill
- Alice Guo faces new cases over POGO land
- China criticizes Canadian, Australian warships transiting Taiwan Strait
- Washington makes military aid overtures to Sahel juntas
- Sara’s claims that corruption probe could be done in one day 'absolutely preposterous' – Palace
- Escudero urges list of unfundable projects for 2026 budget
- 'Strangest' dinosaur covered in spiked armory – scientists
- Trump moves to limit US stays of students, journalists
- Thailand's suspended prime minister testifies over phone call that could get her booted from job
- SEARCH WARRANT
- Australia halts logging for koala haven on eastern coast
