Seoul Housing & Communities Corporation to Supply 1,620 Happy Housing Units

Aerial view of Cross City, Gongdeok-dong, Mapo-gu, Seoul

[Asia Economy Reporter Onyu Lim] Seoul Housing and Communities Corporation (SH Corporation) announced on the 26th that it will recruit tenants for 1,620 units of Happy Housing, including Cross City in Gongdeok-dong, Mapo-gu, Seoul.

Happy Housing is provided to housing-vulnerable groups such as youth, newlyweds, and the elderly at 60-80% of the surrounding market price. University students and youth can live for up to 6 years, newlyweds with children for up to 10 years, and the elderly for up to 20 years.

This supply targets 966 units in new complexes including reconstruction apartments, 117 remaining vacant units due to existing tenants moving out or contract cancellations, and 537 units for prospective tenants.

Existing Happy Housing tenants are also eligible to freely reapply for other Happy Housing units. In the past, reapplication and re-occupancy in other Happy Housing units were not allowed except in unavoidable cases such as changes in household composition. However, considering the frequent mobility of university students and youth, reapplication is now freely permitted, but the total residence period across different Happy Housing units will be combined and subject to the maximum residence period limit for each supply category.

Eligibility requires applicants to be members of a household without home ownership as of the announcement date, with a monthly average income of 100% or less of the previous year's urban worker household income by household size, total household assets of 325 million KRW or less, and vehicle value of 35.57 million KRW or less. These criteria may vary depending on the supply category, and detailed information can be found on the SH Corporation website.

Applications can be submitted through the SH Corporation website from January 9 to 11 next year. However, for elderly or disabled applicants who have difficulty applying online, in-person applications at the corporation are available from January 10 to 11.

Document screening candidates and winners will be announced on January 27 and May 18, and move-in will begin in July 2023.

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