Expanding Supply Area with Exclusive 84㎡ Medium-Sized Units
Korea Land and Housing Corporation (LH) will expand the supply of integrated public rental housing by pushing for project approval of 59,000 units of integrated public rental housing by next year.
On the 15th, LH announced, "We are establishing a roadmap to supply 500,000 public rental housing units together with the Ministry of Land, Infrastructure and Transport, and will actively promote the expansion of demand-tailored integrated public rental housing supply and qualitative innovation of public rental housing."
Integrated public rental housing combines various types of existing public rental housing such as permanent, national, and Happy Housing into a single type.
It allows residents from low-income to middle-class households to live for up to 30 years, with rent set at 35 to 90% of the surrounding market price.
Since 2020, LH has started constructing integrated rental housing and has received project approval for 5,279 units up to last year, and recruited tenants for 1,171 units by this year.
This year and next, LH plans to receive project approval for 59,000 units, which is more than before, and begin construction on 16,000 units.
Along with this, LH plans to expand the housing types of public rental housing, including integrated public rental housing, to medium-sized units such as 84㎡ in line with the government's rental housing policy direction, and improve the quality and living conditions of public rental housing by renovating aging public rental housing.
They will apply finishing materials at the level of sale apartments and further improve the quality and living conditions of public rental housing, including the renovation of aging public rental housing.
Additionally, public rental housing will be developed into an integrated platform combining various housing and living services such as care, childcare, job support, and convenience facilities for the elderly and disabled.
Furthermore, LH plans to expand the sustainability of housing welfare service projects such as rental housing construction and operation through profit-making businesses including land and sale housing supply.
Profits generated from profit-making businesses will be returned to the government through dividends and corporate taxes, and the remainder will be invested as resources for public rental housing construction and operation, housing welfare service provision, land bank projects, and regional balanced development projects.
Kim Hyun-jun, President of LH, said, "Based on our accumulated capabilities in supplying and operating public rental housing, we will quickly supply public rental housing that meets the public’s expectations and provide various housing and living services."
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