LH to Recruit 2,500 Tenants for Jeonse Lease to Ensure Housing Stability for Multi-Child Families

Support for Households Raising Two or More Minor Children
Eligibility Expanded to Those with Monthly Average Income up to 70% or Less
Online Applications Accepted Until the 17th... March Move-in Candidates Announcement

[Image source=Yonhap News]

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) announced on the 1st that it will begin accepting applications for tenants for a total of 2,500 jeonse rental housing units aimed at stabilizing housing for multi-child families in 93 cities and counties nationwide until the 17th.

Jeonse rental housing is a project where LH signs a jeonse lease contract with the housing owner after the eligible tenant selects a jeonse house within the support limit amount, and then re-rents it to the tenant at an affordable price.

Applicants must be non-homeowning households raising two or more minor children as of the announcement date (January 21), with a monthly average income below 70% of the previous year's average monthly income of urban worker households (4-person household 기준 4.31 million KRW), and meet asset criteria (total assets under 288 million KRW, car value under 24.68 million KRW).

In particular, this announcement recruits not only first priority applicants (recipients of basic livelihood security and lower-income classes) but also second priority households (monthly average income below 70% of the income standard), allowing more multi-child families to receive support.

In cases of competition within the same priority, priority is given to households with more children and poorer housing conditions by awarding additional points based on the number of children and current housing environment to determine the order of tenancy.

The jeonse deposit support amount is up to 135 million KRW in the metropolitan area, 100 million KRW in metropolitan cities, and 85 million KRW in other regions for two-child families. In areas with rising jeonse prices, the support amount has been increased by 5 to 15 million KRW compared to last year. For families with three or more children, an additional 20 million KRW is provided per child. For example, for the metropolitan area, a family with three children receives 155 million KRW, and a family with four children receives 175 million KRW.

Tenants pay a deposit of about 2% of the jeonse support amount and a monthly rent calculated by applying an annual interest rate of 1-2% to the remaining amount after subtracting the rental deposit from the jeonse support amount. The interest rate is reduced by up to 0.5 percentage points depending on the number of minor children (0.2 percentage points for one child, 0.3 percentage points for two children, and 0.5 percentage points for three or more children), and recipients of livelihood and medical benefits receive a preferential interest rate reduction of 0.2 percentage points.

The lease period is basically two years, with up to nine renewals possible, allowing stable residence for up to 20 years. However, separate income and asset criteria must be met upon renewal.

Applications can be submitted online through the LH subscription center until the 17th. After qualification screening, the eligible tenants will be announced sequentially by priority starting in March. For more details, refer to the announcement posted on the LH subscription center or contact the LH call center.

An LH official stated, "By raising the jeonse deposit support limit and expanding the eligible tenants in this recruitment, we expect it to provide greater help in stabilizing housing for multi-child families."

This content was produced with the assistance of AI translation services.