Korea Land & Housing Corporation (LH) will supply unsold newly built apartments it purchased in the Gwangju area as rental housing to workers at the "Gwangju win-win job corporations."
The Ministry of Land, Infrastructure and Transport said on the 30th it will pursue this plan in cooperation with Gwangju Metropolitan City and LH to support housing stability for workers at the nation's first win-win regional job initiative, Gwangju Global Motors (GGM).
This is the first "linkage between purchase of unsold provincial housing and win-win regional jobs" housing support model, aimed at supplying quality rental housing to win-win regional job workers to achieve housing stability while also resolving the problem of unsold apartments in the provinces.
LH plans to supply the unsold newly built apartments it purchased in Gwangju and nearby areas to GGM workers in the form of "Reassuring Jeonse Housing," allowing stable residence for up to eight years at about 90% of surrounding market rates.
For swift project implementation, the Ministry of Land, Infrastructure and Transport (MOLIT) revised the "guidelines on the purchase and lease of existing housing, etc." to allow Gwangju Metropolitan City and LH to select tenants that reflect local conditions and demand.
Gwangju Metropolitan City and LH signed (in writing) a "business agreement for housing support for workers in Gwangju win-win jobs" the same day and plan to flesh out support measures through ongoing consultations starting next year.
Under the agreement, Gwangju Metropolitan City will be responsible for selecting eligible tenants, and upon the city's request, LH will provide eligible dwellings among the unsold newly built apartments in the Gwangju-Jeonnam region that it will purchase going forward to the selected tenants.
Procedures are underway to purchase about 100 apartment units, centered on complexes preferred by GGM workers, and move-ins are planned starting next year depending on tenant demand.
Kim Gyu-cheol, head of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport (MOLIT), said, "This project is a model example of a people-centered policy that eases housing cost burdens for local workers by utilizing unsold apartments and reinvigorates the local economy by resolving unsold apartments."