SEN. Bong Go filed Senate Bill 685 on July 16, which seeks the creation of a National Housing Development, Production and Financing Program., This news data comes from:http://wvh-wti-fvl-ca.gyglfs.com
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
- Islamic State claims deadly attack on Pakistan rally
- North Korea test-fires two 'new' air defense missiles
- Alex Eala targets US Open Round of 32 in rematch against Spanish rival
- Judge reverses Trump administration's cuts of billions of dollars to Harvard University
- Marcos willing to submit to a lifestyle check
- Shooting of Indonesian diplomat in Peru investigated as a contract killing
- Wildfire tears through California gold rush town
- Australia government condemns anti-immigration rally in Sydney
- China to bolster non-Western alliances at summit, parade
- Rubio says US warned France on Israel annexation moves
