LH to Supply 512 Hope Shops This Year to Support Youth and Others in Startups

LH Hanam Misa Hope Shopping Center view.

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[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 13th that it will supply 512 units of Hope Shops, neighborhood living facilities within public rental housing complexes, this year.

'Hope Shops' are startup spaces provided for a long period under rental conditions cheaper than the surrounding market prices to support stable economic activities of youth, small business owners, and others. Introduced in 2018, they have attracted much interest from aspiring entrepreneurs due to their affordable rent and abundant demand from residents and others.

LH plans to recruit tenants monthly to supply 512 Hope Shop units across 104 complexes nationwide.

The main supply complexes in April are Paju Unjeong 3, Incheon Nonhyeon 4, Cheonan Station Area, Gongju Wolsong, Daegu Eupnae, Chuncheon Udu, and Wonju Taejang. From May onwards, Hope Shops will be supplied in line with the move-in schedules at Namyangju Geumgok, Pyeongtaek Godeok Internationalization Plan, Namyang New Town, Incheon Geomdan, Bucheon Sangdong, Cheonan Dujeong, Gunsan New Station Area, Daegu Donam, and Yangsan Sasong, among others.

LH Hope Shops are available for actual users including youth, career-interrupted women, (preliminary) social enterprises, and small business owners.

The 'Public Support Type I' for youth, career-interrupted women, and social enterprises is supplied at about 50% of market price, while the 'Public Support Type II' for small business owners is supplied at about 80% of market price. The general type supplied to ordinary actual users is provided at the bid price. Public Support Types (I and II) select recipients through screening considering startup (business) items and other factors.

The lease contract period is two years. To ensure stable business and economic activities of tenants, if there are no reasons for contract termination such as loss of tenant qualification, contracts can be renewed every two years up to a maximum of 10 years.

Since March 2020, LH has been offering a 25% discount on monthly rent until June this year to support recovery from damages such as sales decline of small business owners due to COVID-19.

Detailed information on application and supply schedules can be checked through the LH Subscription Center. LH posts integrated recruitment announcements on the first Friday of every month, followed by recruitment announcements with detailed supply plans for each complex from regional headquarters.

Seohwansik, Head of LH Construction Rental Business Department, said, "LH is striving to realize social values such as creating jobs through Hope Shops and preventing displacement within communities," adding, "We will continue to provide many affordable and stable economic activity spaces through Hope Shop supply this year."

Meanwhile, from 2016 to last year, LH supplied a total of 3,742 rental shops, including 835 Hope Shops, to create local jobs and more.

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