[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) announced on the 10th that it will additionally recruit tenants for multi-child type and Newlywed Couple Type II jeonse rental housing to strengthen the housing rights of households with children and stabilize the housing of newlywed couples.
Jeonse rental housing is housing where LH signs a jeonse contract with the owner of the house that the eligible tenant wishes to live in, and then subleases it to the tenant at an affordable price.
The recruitment volume is 733 households for the multi-child type and 4,759 households for the Newlywed Couple Type II. The multi-child type recruits tenants in 111 cities, counties, and districts located in the metropolitan area and Busan, Ulsan, Gwangju, Chungbuk, Jeonbuk, and Jeonnam, while the Newlywed Couple Type II recruits tenants nationwide.
The eligibility for the multi-child type is a household without a house that has two or more minor children including unborn children as of the announcement date, the 7th. However, only recipients of livelihood benefits or near-poverty class households who urgently need housing support can apply in this recruitment. To prioritize households with many children and poor housing conditions, additional points are awarded based on the number of children and current housing conditions, and the final housing priority is determined in order of total points.
The Newlywed Couple Type II is for households with children aged 18 or younger (including unborn children) as of the announcement date, or couples and prospective couples married within 10 years without children. Households with children can apply regardless of the marriage period. The income requirement is less than 120% of the previous year's average monthly income of urban workers per household (130% for dual-income households). For a three-person household, this is 6.75 million KRW (7.31 million KRW for dual-income). There are also asset requirements. Total assets must be 288 million KRW or less, and the value of automobiles must not exceed 24.68 million KRW. The household must also meet the criteria of being a non-homeowner household member.
The support limit for multi-child households is 120 million KRW in the metropolitan area, 95 million KRW in metropolitan cities, and 85 million KRW in other regions. From three or more children, an additional 20 million KRW can be supported per child.
For Newlywed Couple Type II, support is up to 240 million KRW in the metropolitan area, 160 million KRW in metropolitan cities, and 130 million KRW in other regions. If the jeonse deposit exceeds the support limit, the excess amount can be borne by the tenant under the condition that the lease rights belong to LH.
Tenants in the multi-child type pay 2% of the LH support fund as a deposit, and those in Newlywed Couple Type II pay about 20%. A low interest rate of 1-2% per annum is applied to the support amount. Depending on the number of minor children, the interest rate can be reduced by up to 0.5 percentage points (0.2 percentage points for one child, 0.3 for two children, and 0.5 for three or more children), and recipients of livelihood or medical benefits receive a preferential interest rate reduction of 0.2 percentage points.
The rental period is basically two years with multiple renewals guaranteed. The multi-child type can be renewed up to nine times, allowing residence for up to 20 years, and Newlywed Couple Type II can be renewed twice for childless households and up to four times for households with children, allowing residence for up to 10 years. However, separate income and asset criteria must be met upon renewal.
Applications for the multi-child type are accepted until the 18th, and for Newlywed Couple Type II until the 16th of next month. Applications can be submitted online through the LH Subscription Center. For more details, refer to the announcement posted on the LH Subscription Center or contact the LH Call Center.
An LH official said, "We expect this recruitment to be an opportunity for multi-child households and newlywed couples who need housing welfare benefits to achieve housing stability."
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