Korea Land & Housing Corporation (LH) will begin year-round applications on the 24th for tenants of jeonse rental dwellings, targeting newlyweds, households with newborns, and multi-child families.
In the jeonse rental dwellings program, when an eligible applicant finds a dwelling to live in within the support limit, LH signs a jeonse lease with the dwelling's owner and then re-rents it to the applicant at an affordable rate.
LH will conduct year-round tenant recruitment nationwide starting today through the end of the year for newlyweds, households with newborns, and multi-child families, totaling 9,120 households. By type: ▲ Newlywed/newborn type I, 5,700 households ▲ Newlywed/newborn type II, 1,170 households ▲ Multi-child type, 2,250 households.
The "newlywed/newborn jeonse rental I, II" types are for households that, as of the application date, are without a home and include a child born within the past two years, single-parent families, and couples married within seven years (including engaged couples). Based on income and asset criteria, they are classified as newlywed/newborn I or II.
For the "newlywed/newborn jeonse rental I" type, applicants are eligible if their average monthly income is at or below 70% of the previous year's average monthly income for urban wage-earning households (90% for dual-income households). They must meet the asset criteria for national rental dwellings.
For the "newlywed/newborn jeonse rental II" type, applicants are eligible if their average monthly income is at or below 130% of the previous year's average monthly income for urban wage-earning households (200% for dual-income households). They must meet the asset criteria of public rental dwellings convertible to sale with a mandatory six-year lease period.
The "multi-child jeonse rental" type is open to households raising two or more minor children who are beneficiaries, near-poverty class, or single-parent families, or whose average monthly income is at or below 70% of the previous year's average monthly income for urban wage-earning households. The asset criteria must meet the asset criteria for national rental dwellings.
Applications can be submitted at any time through the end of the year, and move-in is possible once eligibility verification is completed (about 10 weeks).