Completion of 72 Units of Contract-Based Multi-Family Purchase Rental Housing in Jinan, Hwaseong

Gyeonggi Province completed the construction of 72 units of contract-based multi-family purchase rental housing in Jinan-dong, Hwaseong City in August, and plans to begin recruiting tenants from vulnerable housing groups as early as the first half of next year. Contract-based multi-family purchase rental housing is one of the methods under Gyeonggi Province's 'Existing Housing Purchase Rental Program.'

The Existing Housing Purchase Rental Program is a project in which Gyeonggi Housing & Urban Development Corporation (GH) purchases multi-family homes, officetels, and apartments in urban areas to provide stable housing for low-income households and other vulnerable groups at rental rates lower than the local market price.

Unlike the traditional method of purchasing existing homes, contract-based multi-family purchase rental housing involves GH signing a pre-purchase agreement with a private developer for newly constructed multi-family homes and proceeding with construction based on that agreement.

GH signs an agreement and oversees the construction. In practice, GH conducted a preliminary review to ensure the 72 units met design standards and carried out quality inspections at each stage of construction.

The 72 units completed this time are the result of an agreement signed between GH and a private developer in October last year, with construction starting shortly thereafter. Once the final quality inspection is completed, GH plans to sign a purchase contract in October to acquire ownership of the completed rental housing.

Gyeonggi Provincial Government

Starting from the first half of next year, GH will supply the housing to low-income households and others at rental rates set at 30-50% of the local market price. The lease period is set in two-year increments, with a maximum residency of up to 20 years.

For detailed eligibility requirements, rental conditions, and other inquiries regarding tenancy, please visit the GH website (https://gh.or.kr) or contact the call center at 1588-0466.

Meanwhile, Gyeonggi Province has supplied a total of 4,780 units of purchase rental housing from 2012 to 2024. This year, the province aims to supply 500 units and is actively pursuing this goal. In particular, in addition to national funding, the province is providing an additional 20 million won per unit from its own budget.

Kim Tae-su, Director of Housing Policy at Gyeonggi Province, stated, "The supply of contract-based multi-family purchase rental housing is highly satisfactory to tenants due to the high quality of the homes," adding, "We will continue to supply high-quality housing through the contract-based purchase method and do our utmost to ensure housing stability for vulnerable groups."