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Korean government to provide customized housing support

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Korean government to provide customized housing support

당정, 청년•신혼부부•고령자•저소득층 맞춤형 주거대책 시행
Following a wave of new measures to cool Korea’s overheated real estate market,… the government is now rolling up its sleeves to provide more practical support for those actually need a home.
The government and the ruling party met on Monday to fine-tune the details of the new package.
Kim Min-ji reports.
The government says it will provide customized policies to support people in dire need of housing.
During a policy meeting between the government and the ruling Democratic Party of Korea on Monday,… the two sides discussed the direction of a roadmap for “housing welfare” to benefit youths, newlyweds and the elderly.

“The roadmap will provide an insight into the housing welfare support the new government will pursue over the next five years. The package will consist of different support for people in different stages of life.”

For starters, the government plans to expand the number of rental homes,…and also provide financial support.
Some 300-thousand rental homes will be set aside for those under the age of 39 who are not homeowners.
For newlyweds,… the government will ease the criteria to expand the number of people eligible for housing support.
Currently, they need to be married for less than five years,… but this will be extended to seven years for childless couples,… as well as soon to be married couples.
The government also plan to offer some 70,000 homes for newlyweds.. at about 80 percent of market prices.
For old people who own homes, but don’t have a stable income,… the state-run Korea Land & Housing Corporation plans to buy housing from the elderly and renovate the properties to rent out to young people,… and pay the money in the form of a pension.
The government will also provide an additional one million rental houses… for regular citizens that do not own homes.

The ruling party and government hopes the new roadmap will reduce the burden on young people who have put off marriage or having children,… due to difficulties getting on the property ladder,… and that it acts as a bridge for the low-income class to break into the middle class.

“Solving the housing problem is the best measure for people’s livelihoods — and this will determine the success of the Moon Jae-in administration as well as the fate of the ruling party. Housing support is the basis of achieving the government’s people first drive. We will continue to manage the housing market,.. and persuade the opposition parties to revise any relevant laws.”

The latest measures are focused on giving *practical support to those in need,… following previous policies put forward to cool down the real estate market,… including stepping up regulations and curbing speculation.
The government will fine-tune the details before unveiling the full package on Wednesday.
Kim Min-ji, Arirang News.

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