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.”, This news data comes from:http://njepufav.redcanaco.com
”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
- Sotto willing to testify in Senate probe of flood control anomalies if summoned
- Lacson: House can't return proposed 2026 budget to Palace
- Peru’s ex-president Toledo gets a second sentence in the Odebrecht corruption scandal
- 100K Pakistanis flee amid flood threat
- House resolution filed to investigate 'funders' of anomalous projects
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- Opponents of Japan PM seek leadership contest
- Support grows for independent probe into flood control projects
- Malabon City honors partners
- House resumes budget briefings
