LH, Additional Recruitment of 287 Households for Hwaseong Sangri Happy Housing "Relaxed Eligibility Criteria"

Subscription applications open from the 21st to 30th, winners announced on September 27, move-in scheduled for February next year
100 units for university students/young adults, 31 units for housing benefit recipients and elderly, 156 units for newlyweds and single-parent families
Deposit of 14.96 million KRW and monthly rent around 59,000 KRW for 14㎡ units, very affordable

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) announced on the 20th that it will additionally recruit tenants for 287 units of Hwaseong Sangri Block 1 Happy Housing supplied in Bongdam-eup, Hwaseong-si, Gyeonggi-do.

This recruitment is being supplied by relaxing income criteria and existing eligibility requirements so that demand groups such as university students, youth, and newlyweds can live stably under affordable rental conditions amid the increasing trend of single-person households and severe jeonse (long-term deposit lease) difficulties.

The housing supplied this time ranges from 14 to 44㎡ in exclusive area, consisting of 100 units of 14㎡, 31 units of 26㎡, and 156 units of 44㎡.

By supply target, there are 100 units for university students and youth groups, 6 units for housing benefit recipients, 156 units for newlyweds and single-parent families, and 25 units of ‘housing for the residentially vulnerable’ where elderly people can live safely.

The rental conditions are very affordable compared to surrounding market prices, with a deposit of 14.96 million KRW and a monthly rent of 59,000 KRW for the 14㎡ type.

For the 44A/B type, by using the conversion deposit system and paying an additional deposit of 23 million KRW, the rent burden can be significantly reduced to 83,960 KRW.

The recruitment is conducted by relaxing income criteria and eligibility compared to the initial supply. As of the 9th, applicants must be members of a household without home ownership and have an average monthly income of 120-140% or less of the urban worker household income (varies by household size), total assets between 254 million KRW and 292 million KRW (varies by group), and a vehicle value of 34.96 million KRW or less.

Regarding the relaxed eligibility requirements, youth (early career workers) must have been employed in income-generating work for within 7 years (previously 5 years), newlyweds must have been married within 10 years (previously 7 years), and single-parent families must have children aged 9 or younger (previously 6 years).

In case of competition within university students, youth, and newlywed/single-parent groups, the first priority is given to those whose residence or income base is in Hwaseong-si or adjacent areas, the second priority to those whose residence or income base is in the metropolitan area, and tenants are selected by lottery in case of competition.

For elderly and housing benefit recipient supply types, tenants are selected by lottery without separate priority in case of competition.

Hwaseong Sangri Block 1 is located near the ‘Bongdam 2 Public Housing District,’ boasting a pleasant residential environment with access to Bongdam Lake Park and neighborhood parks, and is also close to elementary, middle, high schools, and universities, providing an excellent educational environment.

Additionally, within a 5-minute walk are Bongdam-eup Administrative Welfare Center and the municipal library, and by car, E-Mart Bongdam Branch, Suwon AK Plaza, and Lotte Mall are nearby, offering various living infrastructures.

Transportation conditions are also excellent. Public transportation includes access to Omokcheon Station on the Suin Line, and with the opening of the Shinbundang Line Gwanggyo-Homaesil section, public transport accessibility is expected to improve further. Moreover, access to Seoul is convenient via the Metropolitan Area 2nd Ring Expressway (Bongdam-Songsan) and Gwacheon-Bongdam Expressway.

Applications for subscription can be made online through the LH Subscription Center from the 21st to the 30th. In-person applications are available only for applicants who have difficulty using the internet, such as persons with disabilities or seniors aged 65 or older, on the 22nd and 23rd at the LH Gyeonggi Regional Headquarters 2nd floor My Home Center.

The schedule for selection and other procedures starts with the announcement of document submission candidates on July 6, document submission from July 7 to 13, announcement of successful applicants on September 27, and move-in is scheduled for February 2022.

An LH official said, “Given the recent increase in single-person households and the jeonse difficulties in the metropolitan area, this recruitment, which offers housing cheaper than market prices and convenient transportation, administrative and educational services, and living infrastructure, is expected to attract great interest from demanders.”