Incheon Urban Corporation (iH) announced on the 14th that it plans to purchase 500 housing units this year through its existing housing purchase rental housing project to stabilize housing for vulnerable groups.
This project involves iH purchasing multi-family and multi-unit houses at prices lower than the surrounding market rent, then renting them out to low-income groups such as basic livelihood security recipients, youth, newlyweds, elderly, and single-person households.
The target houses for purchase are multi-family, multi-unit, and row houses with a net area of 85㎡ or less within the Incheon area, and for youth and newlywed households, purchases will focus on areas near convenient transportation hubs.
In particular, this year, iH plans to expand contract-type purchases, in which iH directly participates in the design, to acquire 2-room to 3-room units for newlywed couples eligible for the "Thousand-Won Housing" program, where the daily rent is 1,000 won.
iH has reorganized the purchase rental housing project guidelines by strengthening application restrictions to prevent regional concentration of benefits, avoid preferential treatment in purchases, and reflect diverse and quality demand.
Since starting the purchase rental project in 2016, iH has purchased a total of 3,847 households and supplied them to low-income groups, youth, and newlyweds at about 30% of the surrounding market rent.
iH President Jo Dong-am said, "The purchase rental project contributes to improving housing welfare by facilitating the smooth supply of Thousand-Won Housing and alleviating the housing cost burden for newlyweds and homeless vulnerable groups," adding, "We hope housing developers actively participate to purchase and supply quality housing at affordable prices."
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