President Byun Chang-heum of Korea Land and Housing Corp. delivers a speech in a ceremony to mark the company’s 10th anniversary on Sept. 18 at an auditorium at the company’s head office in Jinju, S. Gyeongsang Province. (Photo: LH)

Korea Land and Housing Corp. held a discussion on its operation in the past 10 years and its promise for the next generation with the participation of experts and citizens on the occasion of its 10th anniversary on Nov. 1 at Ramada Hotel in Seoul.

The event was divided into two parts, with chairman Song Jae-ho of the National Balanced Development Council delivering his speech on the direction of the promotion of balanced development and tasks ahead.

President Byun Chang-heum of LH also made a speech on the subject of looking back at LH’s achievements over the past 10 years, and efforts needed for the new development of LH.

The second part of the event was dedicated to finding the chances for cooperation and mutual survival among the general public and local autonomous administrations with President Choi Eun-young of the Korea City Research Institute.

Choi delivered a speech on the subject of the “Residential Welfare that the People Want and What They Want form LH.”

Ma Sang-yeol, a researcher with Kyungnam Research Institute, gave a speech on cooperation between LH and local autonomous administrative units.

President Byun said LH will firm up its plan to be a company loved by the people taking into its future policies what the people want on the results of its looking back at its past operations and the promise to the future generations.

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 jeonse leasing and then making such housing available to low-income earners at affordable rates.

In Korea, jeonse 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.