LH to Accept Applications for Purchase-Rental Housing for Youth and Newlyweds Starting July 7

Korea Land and Housing Corporation (LH) announced that starting July 7, it will be accepting applications for the purchase-rental housing program for young people and newlywed couples without homes.

The purchase-rental program is a system in which LH purchases newly built or existing homes in urban areas and rents them out at affordable prices. This time, a total of 4,190 units will be supplied. Of these, 1,654 units are for young people, 124 units are dormitory-type youth housing, and 2,412 units are for newlyweds and households with newborns.

Youth purchase-rental housing is intended for young people aged 19 to 39, university students, and job seekers. Of the total, 1,018 units are available in the Seoul metropolitan area and 636 units in other regions. Tenants can stay for up to 10 years at rents set at 40-50% of the market rate in the area. The dormitory-type units are for university or graduate students aged 19 to 39. These units can also be rented for up to 10 years at 40% of the local market rate.

The newlywed and newborn purchase-rental program targets newlywed couples (including engaged couples) within seven years of marriage or households with newborns. Households with newborns qualify if they have a child (including fetuses or adopted children) born within two years from the application announcement date. Depending on the type, multi-household and multi-family units are offered at 30-40% of the market rate, while apartments and officetels are offered as quasi-jeonse units at 70-80% of the market rate.

Applications will be accepted for three days, and those eligible for document screening will be notified within this month. LH will verify eligibility based on income, assets, and other criteria, and will select preliminary tenants in September.