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://www.771bg.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.
Go files housing development bill
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.
- WorldSkills Asean Manila begins
- An AI simulation of a Mount Fuji eruption is being used to prepare Tokyo for the worst
- Palace suspends govt work, classes in several areas due to bad weather
- China 'unstoppable', says Xi with Kim, Putin at his side
- Seoul says over 300 South Koreans held in US battery plant site raid
- NBI slaps Alice Guo, 35 Others with new graft, misconduct cases
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Rise in HFMD cases due to better reporting, not outbreak
- Prime minister of Yemen's Houthi-run government killed in Israeli strike
- N. Korea test-fires two 'new' air defense missiles
