Gyeongbuk Development Corporation to Purchase 200 Private Houses This Year... Half-Price Rent for Low-Income Homeless

by Gu Daeseon

Published 27 Apr.2023 16:03(KST)

Updated 07 Aug.2025 13:50(KST)

Gyeongbuk Development Corporation announced on the 27th that it plans to purchase houses that private developers are scheduled to build (before building permits or project approvals) in order to stably supply public rental housing and alleviate housing cost burdens for vulnerable residents.

The purchase rental housing project involves Gyeongbuk Development Corporation buying multi-family and multi-unit buildings so that housing-vulnerable groups without homes, youth, and newlyweds can live at rental rates 30-50% lower than the surrounding market prices.

The purchase rental housing supplied and managed by Gyeongbuk Development Corporation is public rental housing where tenants can live with peace of mind without worrying about losing their deposits. It serves as hopeful rental housing for housing-vulnerable groups without homes, youth, and newlyweds.

Gyeongbuk Development Corporation

This year, the target purchase areas will be Pohang, Gyeongju, Gyeongsan, Chilgok, and Uiseong, prioritizing regions with high rental demand due to surrounding infrastructure and transportation. To improve the quality of the houses to be purchased, Gyeongbuk Development Corporation will directly participate in the design, strengthen construction standards, and implement a five-stage quality inspection during the construction period, prioritizing a contract-type purchase method that enables quality improvement from the design stage.

Gyeongbuk Development Corporation has secured a project budget of 20 billion KRW to purchase 200 rental houses this year.

Applications for this contract-type purchase rental project will be accepted by registered mail until May 31. Detailed information such as application methods, design, and construction guidelines can be found in the announcement posted on the Gyeongbuk Development Corporation website and should be reviewed before applying.

Starting with this contract-type purchase method, Gyeongbuk Development Corporation aims to create a model case for new housing policy projects utilizing local extinction funds in cooperation with local governments in depopulated areas.

Lee Jae-hyuk, CEO of Gyeongbuk Development Corporation, stated, “We will do our best to quickly supply quality housing through the purchase rental project to stabilize housing for vulnerable groups,” and added, “We will become a public corporation for the residents by implementing projects that residents can truly feel.”