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://052298.com
- SSS pension reform program starts in September
- Aid flotilla with Greta Thunberg set to sail for Gaza
- UN food agency chief says women and children are starving in Gaza and pressed Netanyahu on aid
- PH, Australia hold live fire drills during ALON 2025 in Nueva Ecija
- Actress Angel Aquino victim of 'deepfake,' seeks prosecution of perpetrators of cyber pornography
- Sarah Discaya grilled by Senate over alleged DPWH links
- India warns Pakistan of more cross-border flooding due to heavy monsoon rains
- Trough of LPA, ‘habagat’ will bring rain showers, thunderstorms across PH
- Southern Luzon, Visayas, Mindanao will have scattered rains due to easterlies
- Trump move to cut more foreign aid risking shutdown
