The government and the ruling party have announced a set of housing support plans for low-income households and first-time buyers. 
 
The government and the Democratic Party unveiled the plans on Monday morning after a policy coordination meeting at the National Assembly.
 
Democratic Party policymaker Kim Tae-nyeon said in a news briefing that the ruling camp decided to provide people with housing support tailored to major stages of their life cycles and income. The plans are also aimed at expanding support for low-income first-time buyers.
 
Under the plans, the government and the ruling party agreed to provide one million rental homes for first-time buyers trying to break into the property market. To that end, the government plans to secure more land to build rental homes. 
 
The ruling camp also agreed to provide 300-thousand small-sized rental homes for people aged under 40 and expand and ease housing loans for young people.  
 
Housing support for newly-wed couples will also be increased, with 70-thousand homes to be supplied in the capital region at relatively lower prices.
 
Kim said that the plans also include diverse support measures for senior citizens and low-income households.
 
Details of the plans will be announced on Wednesday in a joint news briefing of related ministries.