Incheon Urban Corporation Expands Purchase and Rental of Existing Homes... Supplying 1,000 Units This Year

Up to 20 Years Residence for Low-Income, Youth, and Newlyweds
Recruitment for First Half Residents from 22nd to 26th This Month

Multi-family House [Asia Economy DB]

[Asia Economy Reporter Park Hyesook] Incheon Urban Corporation (iH Corporation) will expand the supply of existing housing purchase rental units to stabilize the housing life of low-income groups, youth, and newlyweds, and will recruit tenants starting from the 22nd.

The existing housing purchase rental project is a housing welfare project in which iH Corporation purchases multi-family and multi-unit houses in areas with convenient transportation such as station areas and rents them at a low price, about 30% to 70% of the market price.

iH Corporation plans to newly supply 1,000 purchase rental houses this year, 500 units in the first half and 500 units in the second half. This is a scale similar to the 1,319 purchase rental houses supplied over five years from 2016 to last year.

Applicants must be members of households without housing residing in Incheon, including livelihood and medical benefit recipients, single-parent families, low-income elderly, unmarried youth aged 19 to 39, university students and job seekers at universities located in Incheon, newlyweds, and prospective newlyweds.

If the eligibility for residence is maintained, tenants can live for up to 20 years (up to 6 years for youth).

Applications for general purchase rental housing will be accepted from the 22nd to the 26th at the administrative welfare centers of the resident registration area (excluding Ongjin-gun and Ganghwa-gun). Applications for youth and newlywed purchase rental housing will be accepted on an ongoing basis from the 22nd at iH Corporation.

The announcement of tenants will be made sequentially after May through the iH Corporation website. For more details, inquiries can be made through the iH Corporation website or the call center (1522-0072).

Lee Seungwoo, president of iH Corporation, stated, "In accordance with the government's policy to expand rental housing, we will expand opportunities for vulnerable housing groups to move into comfortable new houses in the city."

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