LH to Supply 3,000 Purchased Rental Housing Units for Youth and Newlyweds

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Korea Land and Housing Corporation (LH) announced that applications for the "2024 1st Recruitment Announcement for Youth, Newlywed & Newborn Purchase Rental Housing," posted on the 28th of last month, will begin on the 8th.

The purchase rental housing project is a system where LH purchases newly built and existing houses with good transportation access in urban areas, enabling proximity to workplaces, and rents them at affordable prices to non-homeowners such as youth and newlywed couples. Last year, LH supplied about 14,000 households targeting youth and newlywed couples.

Through this announcement, LH will supply a total of 3,332 households nationwide. By type, there are 1,513 youth purchase rental houses and 1,819 newlywed & newborn purchase rental houses. By region, 1,398 households are in the metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,934 households are in other regions.

The "Youth Purchase Rental Housing" is supplied to youth aged 19 to 39, with rental conditions at about 40-50% of the nearby market price.

Reflecting the demand of youth who frequently relocate due to study or employment, appliances such as refrigerators, washing machines, and air conditioners will be provided depending on the housing conditions.

The "Newlywed & Newborn Purchase Rental Housing" is supplied to newlywed couples within 7 years of marriage, prospective newlyweds, and households with newborns. It is divided into Newlywed & Newborn Type I and II according to income and asset criteria.

The "Newlywed & Newborn Type I Purchase Rental Housing" supplies multi-family and multi-unit houses at about 30-40% of market price. The "Newlywed & Newborn Type II Purchase Rental Housing" supplies apartments and officetels at about 70-80% of market price in a quasi-jeonse form (80% deposit of rental conditions, 20% monthly rent), reducing rental burden.

The newborn household criteria refer to households with children born within the last 2 years from the recruitment announcement date (including fetuses confirmed by pregnancy diagnosis certificates and adoptees born within 2 years).

The eligibility requirements for the "Newlywed & Newborn Type II" have been partially changed this year due to low birthrate countermeasures. Single-parent families with minor children or newborn households, who were only given additional points within the same priority last year, can now apply as first-priority candidates.

The maximum residence period by type is up to 10 years for Youth Purchase Rental Housing (20 years if married after moving in), up to 20 years for Newlywed & Newborn Type I Purchase Rental Housing, and up to 10 years for Newlywed & Newborn Type II Purchase Rental Housing (14 years if there are children).

Specific recruitment schedules for eligible applicants vary by regional headquarters and type, so applicants should check the announcement posted on the "LH Subscription Plus" website before applying.

Winners will be announced in June, and after verification of eligibility and contract signing procedures, move-in will be possible after the end of June.

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