East China’s Jiangsu province has since the start of this year allocated 6.16 billion yuan of subsidy funds for affordable housing project.
Start of this year Jiangsu allocated 6.16 billion yuan of subsidy funds for affordable housing project, a gain of 2.05 billion yuan year on year. The fund will be spent on renovating shanty towns, strengthening the security of public rental housing, renovating old communities, boosting the development of the housing rental market, and building supporting infrastructure for affordable housing. China's affordable housing program includes government-subsidized housing for low-income households, public rentals for those who cannot afford to purchase a home in the country's larger cities and upgrades for run-down areas. China pledged to keep land and housing prices and market expectations stable and address prominent housing issues in large cities, according to this year's government work report. The term "housing is for living in, not for speculation" appeared for the third time in the government work report in 2021.