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., This news data comes from:http://www.redcanaco.com
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
- Inflation up 1.5% in August
- Lawmaker questions 340% NTF-ELCAC budget increase
- Vico Sotto could challenge VP Sara in 2028 race – survey
- Trump hails Department of War rebrand as 'message of victory'
- Thailand's Parliament to vote Friday for a new prime minister
- US appeals court finds Trump's global tariffs illegal
- Pacifist Japan struggles to boost troops as China anxiety grows
- Israel ups pressure on Gaza City as Trump talks post-war plan
- Japanese climber, 102, sets Mount Fuji record
- Former Bulacan district engineer admits going to casinos
