Seoul City and LH Sign Business Agreement to Support Housing for Vulnerable Households

The Seoul Metropolitan Government is joining hands with Korea Land and Housing Corporation (LH) to improve the housing environment of vulnerable households and support customized housing. The city will focus on identifying vulnerable groups, while LH will be responsible for housing support and supplying specialized housing.

Seoul City Hall exterior view
[Photo by Asia Economy DB]

On the morning of the 25th, Seoul announced that it will sign a "Memorandum of Understanding for the Successful Promotion of Projects with Housing Vulnerable Groups" with LH at Seoul City Hall. The signing ceremony will be held in the video conference room on the 6th floor of the new city hall, attended by Yoo Chang-soo, Seoul’s Deputy Mayor for Administration, and Park Cheol-heung, Vice President of LH.

The agreement includes cooperation on ▲identifying housing vulnerable groups and supplying and supporting rental housing ▲emergency housing support for households in crisis such as lease fraud and disaster damage ▲promotion of customized specialized housing supply ▲purchase rental housing projects including semi-basement units and mutual cooperation ▲joint discovery of new housing support services.

Seoul will take charge of identifying households in crisis for emergency housing support, linking with demand identification for specialized housing, and providing administrative support for LH’s redevelopment projects in Seoul. LH will cooperate in emergency housing support for households affected by lease fraud and disasters, supply of demand-customized specialized housing, and participation in the purchase of semi-basement housing in Seoul.

Seoul and LH plan to form a working-level consultative body to efficiently implement the agreement, concretize the projects, and closely cooperate in discovering and promoting new projects in the future.

Yoo Chang-soo, Seoul’s Deputy Mayor for Administration, said, "We expect that cooperating with LH, which has contributed to improving national housing welfare, will enable us to expand a more comprehensive housing safety net. Based on close communication and cooperation, we will dramatically improve the quality of life for housing vulnerable households in Seoul."

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