The government and ruling Democratic Party agreed Monday to roll out a series of housing support programs tailored to different life cycle stages and income levels of potential homebuyers.
During their policy coordination meeting, the two sides outlined a rough road map for "housing welfare" designed to support young adults, newlyweds, senior citizens and others in low-income brackets.
Under the plan, the government will seek to provide a total of 1 million homes across the country for ordinary citizens who do not own a house. They include 650,000 public rental houses and 200,000 private rental homes.
The ruling bloc also agreed to provide 300,000 low-priced, small rental houses, including 50,000 dormitory rooms, to young adults aged 39 or younger, and increase loan programs for these citizens.
The two sides also agreed to expand the definition of newlyweds to include those married for up to seven years without children and soon-to-be-married couples so as to entitle them to state programs that currently apply only to those married for up to five years.
For those newlyweds, the government plans to provide homes at 70 percent to 80 percent of market prices.
For senior citizens, the ruling bloc seeks to introduce a new program under which they can sell their houses and receive pensions in regular installments, while living in public rental houses.
The government plans to announce detailed plans for housing support Wednesday, officials said. (Yonhap)
