Gyeonggi Province completes 28 lease-purchase rental homes in Pocheon City… recruitment of residents in November

Gyeonggi Province and Gyeonggi Housing & Urban Development Corporation (GH) completed a total of 28 lease-purchase rental homes in the Seondan-dong and Sinip-dong areas of Pocheon City in July to ensure residential stability for low-income households without housing.

The completed housing consists of △12 studio-type residential units in Seondan-dong, Pocheon City and △16 multi-family units in Sinip-dong, Pocheon City. Both project sites began construction in January this year after signing purchase agreement contracts in December last year.

Lease-purchase rental homes are a type of rental housing where GH enters into a pre-purchase agreement with private developers targeting newly constructed housing and participates from the design and construction stages to manage quality. Unlike the existing method of purchasing after completion, public participation from the construction stage onwards enables systematic assurance of residential quality.

Recruitment of residents is scheduled to take place in November, with rental conditions provided at approximately 30% of surrounding market rates. Contracts are concluded on a two-year basis, and residents can occupy the units for up to 30 years maximum depending on their eligibility.

Details regarding the resident recruitment schedule and qualification requirements will be announced through the GH website (https://gh.or.kr) and GH call center (1588-0466).

Kim Tae-su, head of the Housing Policy Division of Gyeonggi Province, stated, "We hope that the supply of these lease-purchase rental homes will contribute to residential stability for low-income households without housing," and added, "Going forward, we will carefully examine housing demands by region and supply high-quality lease-purchase rental homes in a timely manner to improve the residential welfare of Gyeonggi residents."