Osan City-LH: MOU to Supply 2,500 Units of Purchase-Commitment Rental Housing for Youth and Newlyweds

[Suwon Ilbo=Reporter Park Chan-hyuk] On the 24th afternoon, Osan City signed a business agreement (MOU) with LH (Korea Land and Housing Corporation) containing early construction of 2,500 units of purchase-commitment rental housing for youth and newlyweds.

At the business agreement ceremony, Osan City Mayor Lee Gwon-jae and Kwon Un-hyuk, head of LH's Gyeonggi Southern Regional Division, signed the agreement.

The agreement contains provisions for establishing a mutually organic cooperation system and implementing necessary measures for efficient task performance to achieve residential stability for youth and newlyweds and revitalize the regional economy.

Specifically, LH will work to expand rental housing supply to youth and newlyweds through the purchase-commitment rental housing project, and make efforts to secure community facilities for improving residents' welfare. Osan City will conduct integrated permit reviews and work to shorten permit processing time for early construction and move-in of purchase-commitment rental housing.

Currently, the city plans to first supply 2,500 units of officetel to be utilized as purchase-commitment rental housing on 5 unsold parcels in the Segyo 2 District, and is implementing administrative procedures for early construction.

Kwon Un-hyuk, head of LH's Gyeonggi Southern Regional Division, said, "Providing a safe place for youth and newlyweds to reside is one of LH's major policies," and added, "LH will actively work on the supply of purchase-commitment rental housing for youth and newlyweds in Osan area."

Mayor Lee Gwon-jae said, "To establish a self-sufficient city with a population of 500,000, it is important to attract youth and newlywed populations who will vigorously pursue economic activities," and added, "The mayor will personally oversee to ensure the purchase-commitment rental housing supply project proceeds smoothly."