Government Subsidies for Home-Owners Renting to Seniors

Japan Investment Properties

Japan Real Estate

05 May, 2017 –

An initiative to incentivize property owners to make available vacant homes for use by the elderly, low-income households and child-rearing families won approval in the Diet on Wednesday. The Upper House unanimously approved the bill that revises the housing safety net law during a plenary session. The measure cleared the Lower House earlier this month.

The Ministry of Land, Infrastructure, Transport and Tourism plans to put the new system into action as early as this fall. Home owners sometimes refuse to lease their properties to elderly people living alone due to concerns they could fall behind on rental payments or die unnoticed.

Under the new system, owners of vacant homes can register their properties with local governments. If they are made available only to the elderly and low-income earners, subsidies will be paid to help cover some renovation costs and rents if certain conditions are met.

The ministry hopes that 175,000 vacant homes will be registered by the end of March 2021.

 

(Source – “The Japan Times“, Pic – Aging Japan / “Hiro Kokoro Photo“)

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