A Project to Reform Old Buildings into Affordable Housing Selected

The Tokyo Metropolitan Government has selected a private-sector project that will contribute to local community development by renovating old buildings into affordable housing units and is eligible for its subsidy.

TMG has been calling for private-sector projects to apply for a partial subsidy under the “Affordable Housing Supply Challenge through Renovation” program. The first project selected is the one Yasuda Real Estate Co. plans to carry out in Kanda-Nishikicho, Chiyoda Ward.

Under the project, a mixed-use building constructed under the former seismic resistance standards will be renovated into quake-resistant, affordable housing units and retail spaces open to the community. By establishing a mechanism for residents and tenants to connect with the neighborhood, the project aims to foster sustainable community development and create a vibrant atmosphere characteristic of Kanda.

Eighty percent of the average rent for similar properties in the vicinity will be used as a yardstick to calculate the rent for the housing units.

Design or construction for this project is scheduled to begin in FY2026, and the renovation is expected to be completed in FY2027. Applications for the program will be accepted until three projects are selected by November 27.

To preserve distinctive and attractive cityscapes and buildings, further enhance industrial clustering, and foster the development of attractive urban areas, TMG is promoting urban revitalization by renovating existing buildings with subsidy programs and deregulation measures.