The government is initiating a public offering aimed at businesses to increase the availability of public rental housing, which will offer tailored services like care, job opportunities, and welfare support depending on the specific needs of the tenants.
The Ministry of Land, Infrastructure and Transport stated on the 22nd that it will begin receiving applications from public housing providers, such as local public companies, for a targeted housing public offering starting from the 23rd of this month. This initiative will run for two months, aiming to provide rental housing designed for particular groups like young people, the elderly, and families with children.
Public rental housing refers to specialized accommodations that provide customized facilities and living services according to specific needs, such as social welfare centers, care areas, and shared workspaces, in addition to living quarters. Certain projects chosen via the public offering may be eligible for financial assistance, including funding and loans from the Housing and Urban Development Fund.
The categories of public offerings consist of four types: regionally initiated specialized housing, welfare housing for seniors, specialized housing for young people, and job-related support housing. The regionally initiated category enables project developers to establish eligibility requirements, selection processes, and residency durations based on local needs, such as promoting childbirth or encouraging return to rural areas. Welfare housing for the elderly is intended for individuals over 65 who do not own a home and includes features that cater to vulnerable residents, such as accessible bathroom doors and safety railings. Specialized housing for youth, aimed at unmarried young adults and university students, offers living spaces with mid-to-small size layouts and built-in furniture in desirable locations like near subway stations, along with tailored services. Job-linked support housing provides rental units combined with specific facilities such as shared offices and startup centers to help reduce housing expenses for employees of small and medium-sized enterprises.
The Korea Land and Housing Corporation (LH) will also conduct a public offering for “specialized purchase rental housing” on the 3rd of next month. This model sees the public sector acquiring rental housing proposed by the private sector, which offers facilities and services designed according to tenants’ specific needs, and then offering it at rents below market rates.
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