Vice Minister Jin Hyun-hwan of the Ministry of Land, Infrastructure and Transport inspected the supply situation of newly built rental housing on Oct. 10 to provide quality public housing in urban areas.
On the same day, Vice Minister Jin held a meeting with the head of the Korea Land and Housing Corporation (LH) in the metropolitan area to review the progress of new rental applications and contract signings, and to listen to challenges in the process.
Newly built rental projects involve signing a purchase agreement before the construction of private housing, after which LH purchases the property and supplies it as rental housing. The Ministry of Land, Infrastructure and Transport aims to supply 110,000 newly built units over the next two years, according to the housing supply measures announced on Aug. 8.
The Ministry of Land, Infrastructure and Transport and LH are enhancing tax and financial support for private businesses to revitalize newly built rental projects, while increasing dedicated personnel to accelerate the purchase process.
Vice Minister Jin noted, “Considering that LH must supply more than 100,000 of the 110,000 newly built rental units over the next two years, active cooperation and close communication from LH for early commencement of the scheduled project are of utmost importance. I urge you to ensure that all schedules proceed without disruption by next year, so that the government's policy efforts can lead to a tangible supply of housing that the public can feel.”