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.
Go files housing development bill, This news data comes from:http://erlvyiwan.com
- Thai Court: PM Shinawatra violated ethics rules
- Trump hails Department of War rebrand as 'message of victory'
- Lacson clears air over conflict with Marcoleta on flood control probe
- PNP chief Torre relieved, Nartatez to take over
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
- Alex Eala targets US Open Round of 32 in rematch against Spanish rival
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Australia expels Iran ambassador over antisemitic attacks
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
- Thai opposition's kingmaking summit fails to back new PM
