Incheon Urban Corporation to Supply 700 Existing Housing Jeonse Rentals This Year... Recruiting Prospective Tenants

Incheon Urban Corporation (iH) will recruit prospective tenants for the 'Existing Housing Jeonse Lease' from the 7th to the 10th of next month to stabilize housing for low-income households in the Incheon area.

The Existing Housing Jeonse Lease project is a housing welfare program in which prospective tenants select a house themselves, and iH signs a jeonse lease contract with the homeowner and then re-leases it to the prospective tenants at an affordable price.

Since 2012, a total of 6,689 households have been supplied, and this year, 700 new households are planned to be supplied.

Eligibility requirements include non-homeowning household members residing in Incheon who are recipients of livelihood or medical benefits, single-parent families, persons with disabilities, and housing-vulnerable groups with an average monthly income of 50% or less of urban workers. The lease period is initially 2 years, and if renewal conditions are met, tenants can reside for up to 20 years.

The maximum support limit for the lease deposit has increased by 10 million KRW from the previous year to 130 million KRW, with the tenant's own contribution capped at 5% of the lease deposit, which is up to 6.5 million KRW. Depending on the support amount, tenants pay interest equivalent to 1-2% per year in the form of rent.

Seo Gangwon, head of the iH Housing Business Headquarters, stated, "We will continue to supply rental housing to stabilize housing for vulnerable groups." He added, "Considering the recent increase in jeonse fraud victims in Incheon, we will actively work on prevention and response measures such as mandatory subscription to guarantee insurance for prospective tenants and strengthening legal services related to disputes."

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