Applications Open for Long-Term Jeonse Housing 1
Deposit Set at 80% or Less of Market Rate
No Conversion to Sale, Up to 20 Years of Stable Tenancy
On August 18, SH (Seoul Housing and Communities Corporation) announced that it is accepting applications for 293 units of its Long-Term Jeonse Housing program.
Long-Term Jeonse Housing 1 is a public rental housing brand introduced by Seoul Mayor Oh Se-hoon in 2007. This residential support program allows tenants to live for up to 20 years without the worry of moving. Units are offered at a deposit set at 80% or less of the prevailing market rate.
The complexes accepting applications are located in five developments across four districts: Cheongdam Le-EL in Gangnam-gu, The Sharp Gangdong Central City and ePyeonhansesang Gangdong Prestige One in Gangdong-gu, Hillstate Jangseungbaegiyeok in Dongjak-gu, and Jamsil Raemian I-Park in Songpa-gu.
Eligibility is limited to adult members of households without home ownership who currently reside in Seoul. For each housing unit size, applicants must meet the income requirement of no more than 150% of the average monthly income of urban workers and have total assets of 640 million won or less, among other conditions.
SH has eased the income requirements and expanded eligibility by amending relevant ordinances, and has simplified the evaluation process by removing the scoring items for the number of minor children and for supporting elderly parents. Candidates for document screening will be announced on September 22. Final successful applicants will be announced on February 6 next year.
An SH official stated, "Long-Term Jeonse Housing 1 is a public rental housing program supplied at a deposit of 80% or less of the surrounding market price and does not convert to sale," and added, "Please be careful not to suffer any harm due to misinformation or rumors that differ from the facts."
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