President Park Sang-woo of Korea Land and Housing ‘Corp.(LH)(Photo: LH)

Korea Land and Housing Corp. (LH) has kicked off its housing rental program entitled, “the Newly Weds Lease (Jeon Se) II,” exclusively for newlyweds. Applications will be accepted from March 14-29 for 1,900 families.

LH will lease units to newlyweds who have been qualified for leases from the program and conclude lease contracts.

LH made the conditions for the Jeon Se II Program easier than the Jeon Se I Program by relaxing the minimum income level and boosting financial support to attract more applicants. Deposit (“Jeon-se”) Rental Housing: This type of rental housing consists of LH acquiring housing in urban centers by way of jeon-se leasing and then making such housing available to low-income earners at affordable rates.

In Korea, jeon-se leasing is a type of arrangement involving the payment of large refundable deposit amounts to the property owner in exchange for low or no monthly rental payments.

Those qualified to lease the Jeon Se II Program are those without their own homes and whose average annual incomes were less than 100 percent of the amount. Income of the husband and wife should have combined incomes of 120 percent and a car worth less than 24.99 million won. They must have been married to each other for fewer than 7 years or engaged. Also included are married couples with a child less than 7 years old as of March 7, 2019.

LH’s financial support will be equal to as much as 20 percent the lease guarantee money and the monthly rental would be the addition of 1 to 2 percent to the amount of money left after taking off the rental guarantee money from the lease guarantee money.

The maximum lease period is basically for two years and extendable twice and if the family has a child, extendable twice more for maximum of 10 years provided that the family meets the standard annual earnings and assets. The applications for the Jeon Se II will be accepted from March 14-29 at the LH Application Center including online.

In the meantime, LH plans to order its projects valued at 10.1 trillion won with the number of the projects totaling 1,013, which are aimed at achieving the target for housing welfare road map for 2019 and the creation of jobs outlined by the government.

LH said 2.8 trillion won will go to the projects concerning the use of land and the rest to the housing construction projects designed to build 75,000 residential houses around the country.

The construction projects will take up 5.9 trillion won in costs while the service sector will make up 200 billion won in costs and the power and communication work allocated 1.5 trillion won and the landscape 600 billion won.

By region, the Seoul area will have the projects worth 6 trillion won and the local regions 4.1 trillion won worth of the projects. Seoul will have the projects worth 1.6 trillion won and Incheon and the Gyeonggi Province 2.2 trillion won worth of the projects. Daejon City and the South Chungchong Province will have the projects worth 1.2 trillion won and Busan city and Ulsan City 500 billion won worth of the projects. North Jeolla Province and South Gyeongang Province the projects worth 400 billion won each.

LH Officials said we plan to execute the government plan tailor-made for demand successfully supporting the government plan to spur the economy and creating jobs positively. Details of the program including the order plan will be available on the LH Homepage from March 21.