Japanese Government to Fund House Reconstruction

Japan’s ruling party plans to propose establishing a fund to support the reconstruction of homes destroyed by the March 11 earthquake and tsunami, sources familiar with the matter said Friday.

The fund is expected to be used to finance interest payments on mortgages disaster victims take in to rebuild homes.   The housing fund is part of a broader plan drafted by the Democratic Party of Japan to help rebuild areas hit by the disaster.

The draft plan calls for setting up a new government agency responsible for the planning of the reconstruction.   The plan urges the government to provide more subsidies than usual to help municipalities rebuild ravaged infrastructure such as roads and ports.

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