The Korea Land and Housing Corporation (LH) is recruiting first-priority tenants for rental housing aimed at low-income households without homes. A total of 4,500 units will be available nationwide, with applications accepted from June 8 to June 12 at local administrative welfare centers based on the applicant's registered address.
The rental housing program allows eligible tenants to find homes within a specified support limit. LH will then sign a lease agreement with the property owner and rent the unit back to the tenant at a lower cost. LH explained that this approach protects tenants' deposits and provides a stable living environment.
Eligible applicants include recipients of livelihood and medical benefits, single-parent families, and individuals with disabilities. The program will be available in the metropolitan area, major cities, and towns with populations exceeding 80,000. The distribution of units by region includes 1,326 in Seoul, 1,203 in Gyeonggi Province, 471 in Incheon, 358 in Busan and Ulsan, 302 in Daejeon and Chungnam, 242 in Daegu and Gyeongbuk, 241 in Gwangju and Jeonnam, 136 in Gyeongnam, 90 in Jeonbuk, 66 in Gangwon, 51 in Chungbuk, and 14 in Jeju.
The maximum deposit support limit is 130 million won in the metropolitan area, 90 million won in major cities, and 70 million won in other regions. Tenants will be responsible for 2% or 5% of the rental deposit within the support limit. Monthly rent will be calculated based on the supported amount with an annual interest rate of 1.2% to 2.2%.
The initial rental period is two years, with the option to renew for up to 14 additional two-year terms. However, if income and asset criteria are not met at the time of renewal, the rental deposit and rent may increase. If the tenant is over 65 years old, has a severe disability, or meets first-priority criteria at the time of renewal, there is no limit on the number of renewal terms.
The application period runs from June 8 to June 12. Interested applicants should visit their local administrative welfare center to apply. LH plans to announce the results of the tenant selection process after verifying eligibility in September.
Meanwhile, LH's rental housing program for low-income households was introduced in 2005 as a housing support initiative.
* This article has been translated by AI.
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