Based on prior knowledge, there may be a relationship between whether a client has a housing loan and their decision to subscribe to a term deposit. Let's analyze this relationship and generate the dictionary.

Here's the dictionary for the relationship between the feature "housing" and the target variable "term deposit subscription":

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

Explanation:
- When the target variable is "no", the possible values of the feature "housing" can be either "yes" or "no".
- When the target variable is "yes", the possible values of the feature "housing" can also be either "yes" or "no".

Note: It is not necessary to include all possible values of the feature "housing" in the dictionary if they are hard to predict. But in this case, both "yes" and "no" values for the feature "housing" are considered for both target classes.