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., This news data comes from:http://gfos-ec-fwop-ey.771bg.com
Go files housing development bill
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
- Japan govt seeks to triple spending on drones
- PH, Australia hold live fire drills during ALON 2025 in Nueva Ecija
- Pope Leo: We must listen first before speaking
- Trump moves to cut more foreign aid, risking shutdown
- Zelenskyy meets European leaders on Ukraine security guarantees
- Wildfire tears through California gold rush town
- Plea written in blood saves Chinese woman trapped in locked room
- North Korea's Kim oversees ICBM engine test: state media
- South Korea to ban mobile phones in school classrooms
- Macron says 26 countries pledge troops as a reassurance force for Ukraine after war ends
