Based on prior knowledge and analysis, the relationship between the "housing" feature and the target variable (whether the client subscribes to a term deposit) can be analyzed as follows:

- If the client has a housing loan (housing = 'yes'), it is less likely that they will subscribe to a term deposit.
- If the client does not have a housing loan (housing = 'no'), it is more likely that they will subscribe to a term deposit.

Based on this analysis, the dictionary can be generated as follows:

```json
{
	"no": ["no"],
	"yes": ["yes"]
}
```

Note that we only include the exact categorical values that relate to each target class, and exclude any other possible values to simplify the representation.