Korea Land & Housing Corporation (LH) said on the 6th that it will launch a nationwide call for proposals on the 7th to supply 500 dormitory-style homes under its jeonse (a Korean lease system requiring a large lump-sum deposit instead of monthly rent) rental program. LH said the move is aimed at expanding the supply of dormitory-style jeonse rental housing and promoting public dormitories to stabilize housing for young adults, including university students.
Eligible applicants are local governments nationwide or universities established under the Higher Education Act, as of the date of the public notice. They may apply individually or form a consortium of two or more institutions. Applications will be accepted from Oct. 19 through Nov. 5.
LH will evaluate applicants on their commitment to the project and implementation structure, the specificity and appropriateness of their project plans, plans for securing housing and managing operations, support and management plans for residents, and the sustainability of operations. The agency plans to select recipients and sign agreements in December. Details are available in the call-for-proposals guidelines posted on the LH website.
Under the dormitory-style jeonse rental program, LH first secures homes on jeonse leases in areas near universities and subway stations, then supplies them as dormitories at below-market rates through operating institutions such as local governments and universities. Unlike conventional jeonse rental programs, LH secures the housing first, so prospective residents do not have to find a home themselves. The public sector covers the jeonse deposit, apart from a 1 million won tenant contribution.
LH signed an agreement with Seoul National University on the 4th of last month to supply 200 dormitory-style jeonse rental units by 2030. The program is intended to provide alternative housing while the university rebuilds its aging dormitories. Thirty units were supplied first this semester, and 60 young adults have been living in them since Oct. 1.
"The dormitory-style jeonse rental program is built on a cooperative framework with schools and local governments, supplying homes in the area as public dormitories so that young people can pursue their dreams without the burden of housing costs," an LH official said. "We will continue to expand effective housing welfare programs so that young people can move toward their dreams without worrying about housing."
