Incheon Urban Corporation to Purchase 500 Houses for Rent to Low-Income, Youth, and Newlyweds

Incheon Urban Corporation (iH) announced on the 25th that it plans to purchase 500 rental housing units this year to stabilize housing for vulnerable groups.

This project involves iH purchasing existing multi-family and multi-household homes to rent them at prices lower than the surrounding market rates to low-income households without homes, youth, newlyweds, the elderly, and single-person households. The target properties for purchase are multi-family, multi-household, and row houses with a net floor area of 85㎡ or less within Incheon city, with homes for youth and newlyweds mainly acquired in areas with convenient transportation near subway stations.

iH has revised the housing purchase criteria to ensure that the benefits of this project are not concentrated in specific regions and to prevent any particular business operator from receiving preferential treatment during the purchase process. Additionally, as a measure to improve the quality of the purchased homes, iH plans to strengthen the standards for contract-type purchase methods where iH directly participates in the design and to expand the scope of purchases.

iH will announce the rental housing purchase project on the 29th and accept applications by type until October 31. An explanatory meeting for construction businesses and others regarding the rental housing purchase project is scheduled to be held at 2 p.m. on the 29th at the Incheon Holiday Inn Hotel.

Jo Dong-am, president of iH, stated, "We will encourage active participation from housing owners and private businesses so that we can purchase quality homes and rent them at affordable prices."

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