Gyeongbuk Development Draws Attention with "Quarter-Price Housing"

[Financial News, Andong—Reporter Kim Jang-wook] "Quarter-Price Housing!"
Gyeongbuk Development (hereinafter, the corporation) has begun accepting applications from prospective residents for 42 purchased rental housing units in Yeongju.
The housing, located in Gaheung-dong, Yeongju, consists of 18 youth-type units, 16 newlywed-and-newborn-type units, and eight general-type units.
Applicants may apply if they are members of a household without a home and meet certain income and asset requirements. Depending on the housing type, residents may stay for up to 30 years.
In particular, the purchased rental housing was priced at affordable rents equivalent to 30–50% of prevailing market rates to reduce the housing costs of vulnerable households.
Under an agreement with Yeongju to create a marriage-, childbirth- and child-rearing-friendly environment, the city will provide an additional subsidy equal to 50% of the rent. This makes it what is effectively "quarter-price housing," further reducing residents' actual financial burden.
CEO Lee Jae-hyeok said, "The corporation is making sustained efforts to provide quality housing at affordable prices through its purchased rental housing program." He emphasized, "With Yeongju's support, we can further reduce the housing costs of young people and newlywed and newborn households. This will serve as an opportunity to establish a virtuous cycle of housing that benefits both the community and its residents."
He added, "The corporation will continue to work with cities and counties across the province to do its utmost to promote housing stability and create a child-rearing-friendly environment." 
The housing being supplied is newly built purchased rental housing located in the Gaheung New Town residential area. It offers pleasant natural surroundings near Seocheon and waterfront parks, as well as an extensive road network with easy access to Gaheung Intersection and Yeongju Station.
The area also has well-developed infrastructure, including nearby commercial districts, medical facilities, elementary schools, and cultural and sports facilities. As a result, it boasts an ideal location that combines comfort and convenience.
Yeongju City named the purchased rental housing "Dream Housing" to support young people and newlywed and newborn households in pursuing a better future by providing quality homes at more affordable prices.
The youth-type units will be equipped with basic household appliances, including refrigerators, washing machines, and air conditioners, to ease young residents' initial housing burden.
Prospective residents may view the housing in person from the 23rd through October 6, while applications will be accepted over two days, from October 7 to 8.
In-person applications may be submitted at the Gaheung 1-dong Administrative Welfare Center, while postal applications may be sent to Gyeongbuk Development by registered mail. In-person application sessions that also provide consultation will be held for applicants who have questions or need assistance with the application process.

[email protected] Kim Jang-wook Reporter