LH to Supply 20,000 National Rental Housing Units Nationwide This Year

8,793 Units in the Seoul Metropolitan Area Including Incheon Geomdan, 10,842 Units in Local Areas Including Asan Tangjeong Supplied
Affordable Rent at 60-80% of Market Rates, Supporting Housing Stability for Homeless Citizens
Since the First Introduction of National Rental Housing in 1998, LH Has Supplied About 500,000 Units to Date

[Image source=Yonhap News]

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 25th that it plans to supply approximately 20,000 units (19,815 units) of public rental housing this year to ensure housing stability for the public.

Since the introduction of public rental housing in 1998, LH has supplied about 500,000 units of public rental housing to date.

This year, a total of 19,815 units will be sequentially recruited nationwide, including 8,973 units in 13 complexes in the metropolitan area such as Incheon Geomdan (1,746 units) and Siheung Janghyeon (708 units), as well as 10,842 units in 30 complexes in provincial areas such as Asan Tangjeong (1,082 units) and Daegu Donam (800 units). This is about 7,000 units more than last year, with an increase of 1,257 units in the metropolitan area.

‘Public rental housing’ is a representative long-term public rental housing aimed at stabilizing housing for non-homeowners, offering affordable rental conditions at 60-80% of the surrounding market price, with renewable contracts every two years, and allowing stable residence for up to 30 years if eligibility requirements are met.

Eligibility requires that, as of the recruitment announcement date, the average monthly income is 70% or less (4.36 million KRW for a household of three), total assets are 292 million KRW or less, and the applicant is a member of a non-homeowning household. From February this year, income requirements for public rental housing have been relaxed for one- to two-person households, broadening the eligibility.

Among the public rental complexes supplied this time, Boseong Ungok (18 units) and Sangju Gonggeom (20 units) complexes will be the first to supply ‘return-to-farming and rural migration housing,’ reflecting the local situation that hopes to attract young people wishing to return to farming and rural areas and increase population.

Incheon Yeongjong (457 units), Incheon Geomdan (750 units), and other ‘newlywed-specialized complexes’ will be equipped with childcare facilities such as communal childcare centers, and 80% of the units will be supplied to newlyweds, expected to attract high interest from non-homeowning newlywed couples.

Applicants can check their eligibility for public rental housing in advance through the ‘My Home Portal → Self-Diagnosis → Public Housing Self-Diagnosis’ menu by verifying income and asset criteria. For further details regarding announcements, inquiries can be made to the LH Call Center.

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