GH Begins Purchasing Multi-Family Homes and Others for Existing Housing Rental Business

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Housing and Urban Corporation (GH) is set to purchase multi-family houses and other properties to stabilize housing for low-income and youth groups in the province.

The existing housing purchase and rental project involves GH buying houses, renovating them, and then renting them at 30-50% of the market price to low-income, homeless citizens such as livelihood and medical benefit recipients, single-parent families, people with disabilities, and youth.

The target properties for purchase include multi-family houses and apartment buildings (multi-unit houses, row houses, urban lifestyle housing) with a net exclusive area of 85㎡ or less per household within the housing supply target area, as well as residential officetels with a net exclusive area of 40㎡ or less per household.

GH selects the houses to be purchased through a process including document review of housing quality considering location conditions such as public transportation accessibility, building age and maintenance status, on-site inspections, and purchase deliberations.

The purchase price is calculated as the arithmetic average of the amounts appraised by two appraisal institutions.

A GH official explained, "Applications for purchase of houses will be accepted until the 11th of next month, and the final selection will be made," adding, "The purchased houses will be renovated and rented at affordable prices to vulnerable housing groups."

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