The Ministry of Finance, the State Administration of Taxation, and the Ministry of Housing and Urban Rural Development have recently announced that in order to promote the construction of affordable housing, starting from October 1 of this year, the construction land for affordable housing projects will be exempt from urban land use tax; Exemption from stamp duty related to the operation and management of affordable housing units and affordable housing, as well as stamp duty related to affordable housing buyers. The announcement clearly states that if enterprises, institutions, social organizations, and other organizations transfer old houses as affordable housing sources and the value-added amount does not exceed 20% of the deducted project amount, they will be exempt from land value-added tax. If the management unit of affordable housing repurchases affordable housing and continues to use it as a source of affordable housing, it is exempt from deed tax. A deed tax will be levied at a reduced rate of 1% on individuals purchasing affordable housing. In addition, affordable housing projects are exempt from various administrative fees and government funds, including air defense basement relocation construction fees, urban infrastructure supporting fees, education surcharges, and local education surcharges. Affordable housing projects that enjoy preferential tax and fee policies shall be determined according to the scope recognized by the urban people's government. (New News Agency)