Integrated Public Rental Housing, First Subscription Application Closes with 19:1 Competition Rate

Gwacheon Jisik Information Town, Namyangju Byeollae, and a total of 1,181 households attracted 21,945 applicants
Document submission and eligibility verification in March, winners announced on June 30

The Korea Land and Housing Corporation (LH) announced on the 21st that the subscription results for the integrated public rental housing, for which the first tenant recruitment was announced at the end of last month, showed an average competition rate of 19 to 1, with 21,945 applicants for a total supply of 1,181 households.

LH conducted subscription applications from the 15th to the 18th for units 605 in S-10BL of Gwacheon Knowledge Information Town and 576 in A1-1BL of Namyangju Byeollae.

Approximately 13,000 people applied for S-10BL in Gwacheon Knowledge Information Town, and about 8,800 applied for A1-1BL in Namyangju Byeollae, recording competition rates of 22 to 1 and 15 to 1 respectively, concluding the subscription process amid high interest from actual home seekers without housing.

LH plans to proceed with △announcement of candidates for document submission (March 3) △document submission period for candidates (March 4?11) △announcement of winners (June 30), and contract signing from July 12 to 14. Move-in is scheduled for October 2023 (Namyangju) and January 2024 (Gwacheon).

The integrated public rental housing combines various types of public rental housing such as permanent, national, and happy housing into one type. Eligibility has been expanded so that any member of a household without housing with a median income of 150% or less and assets of 292 million KRW or less can apply and move in. Another feature is the use of an ‘income-linked rent’ system, where rent is set differently at 35% to 90% of the market price depending on the applicant household’s income level.

At the end of last year, LH completed project approval for about 4,000 households, including six pilot blocks introducing medium-sized units (exclusive area 60?85㎡) in Goyang Janghang and Bucheon Yeokgok, and plans to actively pursue project approvals for integrated public rental housing starting this year.

An LH official said, "The eligibility criteria have become easier to understand, and the rent is set at an affordable level according to income, which seems to have attracted much interest from actual home seekers without housing," adding, "Since medium-sized units will also be supplied as public rental housing in the future, we will strive to provide a more pleasant and comfortable living environment."