New Homes Instead of Vacant Ones... LH and Andong City to Provide 'Long-Term Rental Housing' for Wildfire Victims

Pilot Project with 80 Units
Rent Set at 30% of Market Price
Guaranteed Residency for Over 20 Years

Korea Land and Housing Corporation (LH) has announced plans to provide newly built rental housing for residents affected by wildfires in Andong, North Gyeongsang Province.

On the 16th, LH stated that it had signed a business agreement with Andong City to pilot the supply of 80 newly built purchased rental housing units, enabling residents who lost their homes to wildfires to live stably for an extended period.

Previously, housing support for disaster-affected areas consisted only of temporary measures, such as short-term leases of vacant rental units. This time, however, a new housing model has been introduced, allowing residents to live in new rental homes for more than 20 years.

Kyung-Sook Cho, Head of Housing Welfare Headquarters at Korea Land and Housing Corporation (left), and Ki-Chang Kwon, Mayor of Andong City, are taking a commemorative photo after signing a business agreement to promote the supply project of newly built purchased rental housing for wildfire-affected areas at Andong City Hall on the 15th. Photo by LH

LH will cover the costs of constructing and purchasing the homes, while Andong City will be responsible for rental operations. The housing is intended for wildfire victims, and any member of a household without a home can move in at an affordable rent set at about 30% of the market rate, regardless of income.

LH plans to work with the Ministry of Land, Infrastructure and Transport to establish a "disaster response purchased rental housing special provision" to make such projects possible within the institutional framework.

Cho Kyungsook, Head of Housing Welfare Headquarters at LH, said, "We will ensure the smooth implementation of this project to help wildfire victims in the affected areas restore their lost housing foundation and make a stable new start."