LH Donates 450 Million Won with Financial Institutions to Support Households in Livelihood Crisis

Korea Land and Housing Corporation (LH) announced on the 6th that it will deliver a donation of 450 million KRW to the Housing Welfare Foundation to support the livelihood stabilization of households in crisis, together with Gyeongnam Bank, Woori Bank, and Hana Bank at the LH headquarters.

LH headquarters building exterior. [Photo by LH]

The donation was raised with 300 million KRW from LH and 150 million KRW from Gyeongnam, Woori, and Hana Banks to support households in crisis whose economic difficulties have worsened due to high interest rates and high prices.

The support targets include low-income vulnerable groups living in LH rental housing who are at risk of eviction due to long-term arrears caused inevitably by unemployment, illness, disability, etc.

To provide support funds to those who truly need help, the recipients will be decided through the 'LH Housing Support Committee,' which includes external members such as local governments and NGOs.

The support funds will be delivered to households in crisis by the Housing Welfare Foundation, established to support housing-vulnerable groups. To enhance the effectiveness of this donation, the support limit per household has been increased, and electricity bills have also been included in the support scope.

The support limit per household for overdue rent and management fees has been raised from the previous maximum of 3 million KRW to a maximum of 5 million KRW. If the household wishes to move to a new residence, support for preparing the rental deposit will also be provided.

Since 2020, LH has frozen and discounted a total of 218.6 billion KRW in public rental housing and LH Hope Shopping Mall rents to stabilize livelihoods and reduce housing cost burdens for vulnerable groups.

Byungwook Ko, Head of the LH National Housing Welfare Headquarters, said, "We hope that the donated funds will become a ladder of hope for households in crisis." He added, "In addition, we will continue to make company-wide efforts to strengthen a reliable social safety net for people with disabilities, youth preparing for independence, and others."