Incheon Urban Corporation to Supply 700 New Units of 'Existing Housing Jeonse Lease'
Recruitment of Prospective Residents from the 22nd to 26th of This Month
[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation has decided to newly supply 700 units of 'Existing Housing Jeonse Lease' and will recruit prospective tenants from the 22nd to the 26th.
The Existing Housing Jeonse Lease is a housing welfare project where prospective tenants select a house themselves, and the corporation signs a jeonse lease contract with the homeowner and re-leases it to the prospective tenants at an affordable price. Since 2012, the corporation has supplied a total of 5,027 units to date.
Eligibility requirements include non-homeowning households residing in Incheon, such as livelihood and medical benefit recipients, single-parent families, and elderly persons (65 years or older). The lease period is initially 2 years, and if renewal conditions are met, tenants can reside for up to 20 years.
The lease deposit support limit has increased by 20 million KRW this year to 110 million KRW. The tenant's own payment is within 5% of the lease deposit, which is up to 5.5 million KRW, and depending on the support amount, tenants will pay rent corresponding to 1-2% annually.
Preferential interest rates are applied to multi-child families (0.2% for 1 child, 0.3% for 2 children, 0.5% for 3 children) and benefit recipients (0.2%), which can reduce the housing cost burden.
Applicants can submit their applications at the administrative welfare center where their resident registration is located from the 22nd to the 26th. The corporation plans to sequentially announce prospective tenants through its website after May.
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Lee Seungwoo, president of Incheon Urban Corporation, stated, "Many citizens are experiencing economic difficulties due to COVID-19," and added, "We will alleviate the housing cost burden of vulnerable groups by continuously supplying more than 500 units annually not only through the jeonse lease project, which allows citizens to choose their desired housing directly, but also through the purchase lease project."
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