Jeonnam Development Corporation to Expand "10,000-Won Housing" in City Areas

Utilizing Vacant LH Public Rental Units
Housing Supply for Young People and Newlyweds

Jeonnam Development Corporation signed a business agreement on the 29th with the Korea Land and Housing Corporation (LH) Gwangju Jeonnam Regional Headquarters to supply fully occupied housing in the city area. Photo by Jeonnam Development Corporation

On May 29, Jeonnam Development Corporation signed a business agreement with the Korea Land and Housing Corporation (LH) Gwangju Jeonnam Regional Headquarters to supply fully occupied housing in city areas, officially launching efforts to support housing stability for young people and newlyweds.

Through this agreement, the two organizations will establish a cooperative supply system by utilizing vacant units in public rental housing, and will work together to address local depopulation and encourage young people and newlyweds to settle in the region.

Specifically, vacant units in public rental housing owned by LH Corporation will be provided to Jeonnam Development Corporation through a jeonse rental method, and Jeonnam Development Corporation will sublease these units to young people and newlyweds at affordable rents.

Residents can live in these units for two years by paying only a certain amount of deposit and a monthly rent of 10,000 won, with no security deposit required. The lease can be renewed up to two times, allowing for stable residence for up to six years.

Considering that existing Jeonnam-style fully occupied housing has mainly been constructed and supplied in county areas, this agreement targets city areas where the proportion of young people is higher and securing public rental housing is relatively easier.

Jeonnam Development Corporation plans to pilot the program in areas where supply can be secured first, with recruitment of residents set to begin in the second half of this year. The corporation also intends to gradually expand the supply through ongoing consultations with LH Corporation.

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