On the 10th, the Ministry of Land, Infrastructure, Transport and Tourism announced the outline of the "Reiwa 5 (fiscal year 2023) supplementary budget related to the Ministry of Land, Infrastructure, Transport and Tourism."
This supplementary budget, totaling 2.055 trillion yen, has been allocated to realize the five pillars outlined in the "Comprehensive Economic Measures to Fully Overcome Deflation," approved by the Cabinet on November 2. These pillars are: "Protecting citizens' lives from rising prices," "Achieving sustainable wage increases and income growth, and promoting regional growth," "Promoting domestic investment that contributes to strengthening and advancing growth potential," "Initiating and promoting social transformation to overcome population decline and turn changes into opportunities," and "Strengthening national resilience and disaster prevention and mitigation."
In the housing and real estate sector, 210 billion yen has been allocated to support energy-efficient housing under the initiative to "Form high-quality housing stock." This support aims to assist households with children and young families, who are particularly affected by rising energy prices, in acquiring and renovating energy-efficient homes, contributing to the realization of carbon neutrality by 2050.
Additionally, 1.38 billion yen has been allocated for the "Revitalization of local cities and enhancement of urban international competitiveness." This includes support for private sector initiatives to revitalize vacant stores and old houses through a town development fund managed by the Organization for Promoting Urban Development, as well as support for urban infrastructure development in central urban areas.
To achieve "Child-centered town development," 1.534 billion yen has been allocated to support child-friendly housing through measures such as reducing interest rates on "Flat 35" loans and providing additional support for residence consultation services by residential support organizations.
Furthermore, 100 million yen has been allocated for the "Implementation of Smart Cities," 14.876 billion yen for "Development of urban parks and creation of waterfront spaces," and 7.389 billion yen for "Digital transformation in construction and urban areas."
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”
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