Homeownership Program for Low-income Families Living Downtown
"My dream house gives me hope for life!" House of Hope Program for the underprivileged!The lottery funds are to help low-income families keep living where they are now. They support the following programs: acquisition and lease of houses such as multi-household houses in which multi-household houses and apartment units in a private house situated in downtown are acquired, repaired and leased at low prices (about 30% of market value) for up to 20 years; lease of existing houses on jeonse (‘key money deposit’) in which a jeonse agreement is signed for the houses in downtown such as multi-household houses and re-leased(subleased?) at low prices to help low-income families keep living where they are. The lottery funds help a lot of families find their own house.
Housing Support Programs
| Program | Organized and Managed by | Subsidy Amount for 2023 |
|---|---|---|
| Acquisition and Lease of Multi-household Houses | Ministry of Land, Infrastructure and Transport (MOLIT), local authorities, Korea Land & Housing Corporation (LH) | KRW 141,813 million |
| Lease of Existing Houses on Jeonse (‘Key Money Deposit’) | Ministry of Land, Infrastructure and Transport (MOLIT), local authorities, Korea Land & Housing Corporation (LH) | KRW 315,040 million |
Along with government subsidies, the lottery funds are used for housing stabilization measures(programs) such as the acquisition and lease of multi-household houses. We are going to keep providing support for the housing stability among the general public.
Cases of Housing Support Program
Acquisition and lease of multi-household houses
This program was discussed at ‘Housing Stability Plan for Poor Families in Downtown’ announced on January 5, 2004. In 2004, the demonstration project (503 housing units) was launched under ‘Housing Welfare Expansion Plan for the Common People’ which was released in June 2004. Since then, a total of 213,000 units have been acquired and leased to the poor families in the downtown at low prices until 2021.In 2023, we plan to acquire and lease 35,000 units.
Lease of existing houses on jeonse (‘key money deposit’)
This program was first discussed at ‘Rental Housing Policy Reform Plan’ on April 27, 2005. Since the demonstration project with 500 units in 2005, we have provided a total of 505,000 units until 2022. In 2023, we are scheduled to provide 37,000 units additionally.