Incheon Urban Corporation, Purchase and Lease of 500 Existing Houses

Incheon Urban Corporation (iH) announced on the 28th that it plans to purchase and lease 500 existing houses to enable low-income residents in the city center to live stably in their current living areas.

The existing house purchase and lease project involves iH purchasing multi-family and multi-unit buildings so that homeless vulnerable groups, youth, newlyweds, elderly, and single-person households can live at rental rates lower than the surrounding market prices.

The target houses for purchase are multi-family, multi-unit, and row houses with a net floor area of 85㎡ or less within the region.

iH plans to prioritize purchasing houses that can improve quality from the design stage by participating in the design of the target houses, strengthening construction standards, and conducting a five-step quality inspection during the construction period.

Additionally, iH has reorganized its own housing purchase guidelines to enhance housing quality, including location conditions such as proximity to subway stations and convenience facilities, as well as floor plans, size, and community facilities.

Applications for housing purchase will be accepted from the 31st of this month until the end of November.

Furthermore, iH plans to hold a briefing session on the direction of housing purchase promotion for construction businesses and others at 2 p.m. on the 3rd of next month at the Incheon Holiday Inn Hotel.

Jo Dong-am, president of iH, said, "Since the existing house purchase and lease project is aimed at stabilizing housing for Incheon citizens, we hope for active participation from house owners and private businesses."