A Japanese town in one of the most expensive cities to live in the world is offering brand new homes for free to select families in a new housing scheme.
In a bid to solve its population decline, the Tokyo municipality of Okutama has come up with a uniquely affordable housing plan that would enable big families with 10 children living in a brand new house without paying anything.
With a population of more than 5,000, the town is aiming to use a specialized housing scheme for expansive growth in the future. The current population, half of which are over the age of 65, is reportedly 40% lower than that of 60 years ago.
Okutama, which is located in the western part of the Japanese capital, can be reached in less than two hours by train from central Tokyo.
Representatives at the town’s Migration Consultation Meeting revealed its plans to build a series of brand new homes, which will reportedly be furnished with individual gardens and parking spaces, making it an ideal home for families.
While the plan is not completely free for everyone, it offers a reduced fee for larger families, generating quite an enthusiastic response from citizens around the country.
The program has a few requirements for those who are interested in availing the affordable housing.
The new residents will also be required to pay the municipality a monthly fee of 50,000 yen ($466).
Here is how it gets more interesting: Under the scheme, a reduced monthly fee of 40,000 yen ($372) is offered to families with two children, while families with three children will pay only 35,000 yen ($326).
The town also requires the approved residents to live in the home for 22 years. Upon finishing the required tenureship, the house and property will officially be transferred over to the resident who will no longer need to pay the monthly fee from that day forward.
Considering that the monthly rent in Tokyo ranges from 180,00 yen ($1,676 to 287,000 yen ($ 2,672), even the most expensive offer in the Okutama scheme is quite a steal.
The municipality is hoping that the reasonable terms will encourage many families to move in and revitalize the area, ensuring its progress for years to come.
While the occupancy of the new homes will not begin until January 2019, the Okutama municipal office is already accepting applications for the housing scheme until May 21.
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