Yeongcheon’s “1,000 Won a Day Housing” Welcomes First Tenants

Yeongcheon-si announced that it began accepting its first tenants into the "Cheonwon Housing" on April 27, a program designed to reduce the housing cost burden for young people and newlyweds and encourage them to settle in the region.

The locally customized purchase rental housing, operated as "Cheonwon Housing," is a public rental housing project consisting of 20 units, established under an agreement between Yeongcheon-si and Gyeongsangbuk-do Development Corporation.

A view of the region-customized purchase rental housing (Cheonwon Housing) located at 126-2 Munoedong, Yeongcheon City. Provided by Yeongcheon City

원본보기 아이콘

Tenants pay a monthly rent of 30,000 won to the Gyeongbuk Development Corporation, and Yeongcheon-si covers the difference from the actual rent, providing support for up to six years.

When applications for the 20 available units opened in January, there was significant interest, with 441 applications submitted-resulting in an average competition rate of 22 to 1.

Based on the strong response to the Cheonwon Housing in Munoe-dong, Yeongcheon-si plans to expand the program to Kumho-eup's purchase rental housing (a total of 42 units) scheduled for completion in the first half of next year, in order to support rent payments for more young people and newlyweds.

A city official stated, "Cheonwon Housing is a policy that provides tangible relief to the housing burden of young people and newlyweds," and added, "We will continue to improve settlement conditions through various forms of support that citizens can truly feel."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.