LH Logo,
‘Korea Land and Housing Corporation (LH) announced on the 7th that it is conducting ongoing recruitment for tenants of long-term rental housing aimed at young people and those preparing for independence.’,
‘The long-term rental housing system allows selected young individuals to find a home, then LH signs a lease agreement with the homeowner and subleases it to the tenant at a reduced cost.’,
‘This announcement targets the entire nation. For the “Priority Group 1” youth, a total of 7,000 units will be recruited, while there are no limitations for youths preparing for independence.’,
‘The “Priority Group 1” long-term rental program is open to those aged 19 to 39 who are unmarried, not owning homes, and are either university students, job seekers, or part of low-income families, single-parent families, or lower-income brackets.’,
‘Security deposits are supported up to ▲12 million won in the metropolitan area ▲9.5 million won in metropolitan cities ▲8.5 million won in other regions. Tenants will be responsible for a monthly rent covering 1 million won of their deposit as well as interest (1-2% annually) on the amount supported by the program, excluding the 1 million won tenant deposit.’,
‘The initial rental period is 2 years. Upon meeting renewal criteria after the initial period, the lease can be renewed up to 4 times for a total potential stay of 10 years.’,
‘”Young adults preparing for independence” are eligible for this program if they are unmarried, do not own a home, and have left foster care or a child welfare facility within the last 5 years under the Child Welfare Act.’,
‘The security deposit conditions are the same as for the Priority Group 1, but in terms of monthly rent, individuals aged 22 or under enjoy interest-free periods, and those within the first 5 years of residence in long-term rental housing receive a 50% discount.’,
‘The initial rental period is 2 years, and upon fulfilling the renewal criteria after the initial period, it can be renewed up to 14 times, allowing a maximum tenure of 30 years.’,
‘Applications can be submitted continuously until December 31st.’,