The Ministry of Land, Infrastructure and Transport announced the first recruitment notice for the 'Jeonse Rental Type Ddeundeun Housing' on April 30. Starting with applications accepted by Korea Land and Housing Corporation (LH) and Incheon Urban Development Corporation on May 12, other metropolitan area agencies such as Seoul Housing and Communities Corporation and Gyeonggi Housing and Urban Development Corporation will also begin recruitment within the first half of the year.
The Jeonse Rental Type Ddeundeun Housing is a follow-up measure to the government's housing stability plan announced in August last year. Its main feature is that it allows tenants to reside in non-apartment homes such as villas for up to eight years. Public housing operators verify the safety of the properties through rights analysis and then sign lease contracts, after which the units are subleased to tenants. This system was designed in consideration of the decreased trust in non-apartment housing due to jeonse fraud and similar issues.
Like the Ddeundeun Jeonse Purchase Rental Housing, which was introduced last year, there are no income or asset requirements. Anyone without a home is eligible to apply. Up to 80% of the jeonse deposit can be supported at an annual interest rate of 1?2%. Priority for moving in is given in the following order: households with newborns or multiple children, newlywed couples (including engaged couples), and then other homeless applicants. The supply target for this year is a total of 5,000 units: 2,721 in the metropolitan area and 2,279 in non-metropolitan areas. Applications for LH units can be made through the LH Subscription Plus website, while information on jeonse rental housing recruited by local public corporations can be found on the respective agency websites.
In the second half of this year, a new system called the Ddeundeun Landlord Program will be introduced, in which landlords can register their own properties, and LH will verify their safety and post them on the Jeonse Rental Portal. This is expected to make it easier for tenants to find safe non-apartment jeonse housing and help landlords reduce vacancies in non-apartment properties. Lee Kibong, Director of Housing Welfare Policy at the Ministry of Land, Infrastructure and Transport, said, "This is an important step toward alleviating concerns about non-apartment housing caused by jeonse fraud and creating a rental housing market environment where many citizens can live with peace of mind for the long term."
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