The government will expand the supply of rental housing in preferred areas to stabilize housing for low-income households. To alleviate the burden of housing costs, it will gradually expand the eligibility for housing benefits and enhance support for victims of lease fraud.
The Ministry of Land, Infrastructure and Transport announced on the 10th that it had examined the 'low-income housing support policy' during the first ministerial meeting on national issues, chaired by Prime Minister Kim Min-seok, held at the Government Seoul Complex in Jongno District.
At the meeting, there was a shared recognition that 'the proportion of monthly rent contracts has increased in the rental market recently, raising concerns about rising housing costs, and many low-income households still find themselves in housing blind spots.'
Accordingly, the government has decided to expand the supply of rental housing to provide a quality living environment for low-income households. Public sales will explore and supply affordable housing models, such as profit-sharing and equity accumulation types, allowing for purchase with minimal initial capital.
For example, the equity accumulation-type dwelling allows the buyer to pay part of the dwelling purchase price like a savings account and receive equity, moving in and acquiring the remaining equity over 20 to 30 years.
Measures will also be implemented to alleviate concerns about housing costs. The number of households eligible for housing benefits, which support rental fees or housing repair costs for low-income households, and the amount of support will be expanded. The monthly rent of 200,000 won provided to low-income, homeless, independent youth will be supported without delay through the second supplementary budget.
Support and prevention for victims of lease fraud will also be strengthened. As the validity period of the 'Special Act on Lease Fraud' aimed at supporting large-scale victims of lease fraud is extended by two years, the gaps in support for existing victims will be resolved. Additional support measures will be prepared through amendments to the 'Special Act on Lease Fraud,' including expanding the eligibility for public rental housing support and strengthening fire safety management.
In addition, to expedite the relief for victims of lease fraud, procedures will be established to shorten the period for purchasing victimized housing by the Korea Land & Housing Corporation (LH), thereby enhancing the speed of acquisitions.
Furthermore, the Ministry of Land will strengthen responses to illegal, illicit, and suspicious transactions related to real estate in cooperation with the Financial Services Commission. The Ministry will focus on scrutinizing false contracts and up-and-down contracts through funding plans and will refer cases for investigation when detected.
Meanwhile, the Ministry of Land will enhance safety management for major facilities such as roads, railways, and air traffic during the summer, and strengthen heat illness prevention measures for vulnerable groups, including construction and delivery workers.