Gov‘t to provide housing support for newlyweds, youth

Jul 06, 2018, 08:35 am

By AsiaToday reporter Cheong Ah-reum

The government will provide housing support for 1.63 million households comprising newlyweds and young people by 2022.

The government released a housing support plan Thursday to support newly-married couples and young people. Compared to the previous housing support roadmap announced last November, the government has expanded its housing support by 465,000 households.

The move is a part of the government's efforts to help boost the country's low birthrate. "Newlyweds and youngsters have concerns about their housing, which has led to a decline in a low birthrate," the Ministry of Land, Infrastructure and Transport said. Single-parent households will be also subject to housing benefits.

Under the new plan, the government will provide public housing and support housing loans for 880,000 newlyweds by 2022.

Over the next five years, the government will provide 250,000 state-funded rental houses. The government will also build an extra 100,000 "Newlywed Hope Town" housing units in 82 housing zones. 430,000 newlyweds will be provided with preferential housing mortgages.

The government will also provide housing support for 750,000 households comprised of young people by 2022.

It will provide 270,000 housing units for young people over the next five years, which is about 50,000 housing units every year. Homes will be available for purchase at nearly 30 percent lower than market prices.

#South Korea #housing support #newlyweds #youth #low birthrate