Gov't plans to expand housing support to more than 1.6 million newlyweds, youth
- 6 years ago
South Korea has unveiled plans to provide more homes and housing support for more than one-point-six million couples and young adults during the remaining three-and-a-half years of President Moon Jae-in's term.
Our Oh Sooyoung reports.
The government plans to provide more state-funded homes to support hundreds of thousands of young families,... specifying its social housing roadmap released last year.
Under the updated plan, 880-thousand newlywed couples will have access to public housing schemes, subsidies and lower interest rates on loans to help them find their first home.
These include 250-thousand council homes provided at rental prices up to 80 percent below the market average,... as well as 100-thousand homes built in special zones customized for newlyweds.
The government also aims to expand build 100 new childcare centers, within public housing grounds,... and will install facilities for child safety.
60-thousand single parents with children under the age of six,... and low income families,... will be eligible to all these schemes.
"We've added 13 new public housing areas. When we procure 20 more locations by the end of this year, 43 so-called newlywed towns will be created in various spots throughout the country."
This comes as the country grapples with a chronically low birth rate, and a waning preference for marriage among the younger generation.
A survey shows around 46 percent of young adults believe marriage and childbirth is not necessary,... and 46 percent have cited housing and the cost of marriage as the reason they're hesitant to tie the knot.
To tackle the root of the problem, the government also plans to boost housing and income stability for adults aged between 19 and 39.
This includes providing 270-thousand council homes, dormitories for 60-thousand college students as well as financial schemes for housing.
They'll also be able to apply for office spaces at discounted rates.
Some 750-thousand youth will be eligible for these programs,... nearly 200-thousand more than in last year's roadmap
The land ministry aims to implement these measures from this year through 2022, as part of its broader housing welfare roadmap worth 106 billion dollars.
Addressing concerns that the expanded support would cost an extra 15 billion dollars, a ministry official said extra costs would be covered by excess funds without causing a big strain on government budget.
Oh Soo-young, Arirang News.
Our Oh Sooyoung reports.
The government plans to provide more state-funded homes to support hundreds of thousands of young families,... specifying its social housing roadmap released last year.
Under the updated plan, 880-thousand newlywed couples will have access to public housing schemes, subsidies and lower interest rates on loans to help them find their first home.
These include 250-thousand council homes provided at rental prices up to 80 percent below the market average,... as well as 100-thousand homes built in special zones customized for newlyweds.
The government also aims to expand build 100 new childcare centers, within public housing grounds,... and will install facilities for child safety.
60-thousand single parents with children under the age of six,... and low income families,... will be eligible to all these schemes.
"We've added 13 new public housing areas. When we procure 20 more locations by the end of this year, 43 so-called newlywed towns will be created in various spots throughout the country."
This comes as the country grapples with a chronically low birth rate, and a waning preference for marriage among the younger generation.
A survey shows around 46 percent of young adults believe marriage and childbirth is not necessary,... and 46 percent have cited housing and the cost of marriage as the reason they're hesitant to tie the knot.
To tackle the root of the problem, the government also plans to boost housing and income stability for adults aged between 19 and 39.
This includes providing 270-thousand council homes, dormitories for 60-thousand college students as well as financial schemes for housing.
They'll also be able to apply for office spaces at discounted rates.
Some 750-thousand youth will be eligible for these programs,... nearly 200-thousand more than in last year's roadmap
The land ministry aims to implement these measures from this year through 2022, as part of its broader housing welfare roadmap worth 106 billion dollars.
Addressing concerns that the expanded support would cost an extra 15 billion dollars, a ministry official said extra costs would be covered by excess funds without causing a big strain on government budget.
Oh Soo-young, Arirang News.