Gyeonggi Province to Supply 68 Contract-Based Purchase-Rental Housing Units

The Gyeonggi Provincial Government and Gyeonggi Housing & Urban Development Corporation (GH) will supply 68 contract-based purchase-rental housing units to support housing stability for people without homes.

According to the Gyeonggi Provincial Government on July 28, construction will begin in July and August for 32 officetel units in Wolpi-dong, Sangnok-gu, Ansan City, and 36 officetel and apartment units in Gimnyangjang-dong, Cheoin-gu, Yongin City, respectively.

The housing units in Wolpi-dong, Ansan are scheduled to be completed by April 2027, while those in Gimnyangjang-dong, Yongin are expected to be completed by December 2027. After construction is completed, Gyeonggi Housing & Urban Development Corporation will finalize the purchase procedures and begin recruiting tenants.

These housing units will be provided to low-income, homeless households such as recipients of government assistance and single-parent families, at about 30 percent of local market prices. The rental contracts can be renewed every two years, and depending on the initial eligibility, residents can live there for up to 30 years.

Gyeonggi Provincial Government

Contract-based purchase-rental housing is one of the approaches under the "Existing Housing Purchase-Rental Program" promoted by the province. Under this program, Gyeonggi Housing & Urban Development Corporation purchases multi-family homes, officetels, and apartments in urban areas to provide low-income and housing-vulnerable groups with stable housing at rents below market prices.

Unlike the traditional approach of purchasing existing homes, the contract-based purchase-rental model involves Gyeonggi Housing & Urban Development Corporation entering into a prior purchase agreement with private developers of new housing before construction begins. Public authorities oversee the quality throughout the entire process, ensuring the stable supply of high-quality public rental housing.

Kim Tae-su, Director of Housing Policy at the Gyeonggi Provincial Government, said, "The contract-based purchase-rental program is a project in which the private sector and public sector cooperate to supply high-quality public rental housing," adding, "We will continue to expand the supply of public rental housing to further support housing stability for those without homes."

This content was produced with the assistance of AI translation services.