HUG's 'Ddeunddeun Jeonse Housing' to Recruit 900 Units Starting on the 30th... Largest Ever

[Financial News] Korea Housing & Urban Guarantee Corporation (HUG) will recruit tenants for 900 units of its public rental housing program, 'Ddeunddeun Jeonse Housing.'
HUG announced on the 28th that it will issue the recruitment notice for the 12th round of Ddeunddeun Jeonse Housing tenants starting on the 30th. Anyone who is a member of a household without a home can apply, regardless of age, income or assets.
This recruitment round will provide a record-high 900 units in urban areas of the Seoul metropolitan region, including Seoul, Incheon Metropolitan City and Bucheon in Gyeonggi Province, as well as in Busan. It is the largest number of units ever offered in a single recruitment round.
HUG has recruited a total of 1,800 units this year. Interest from tenants without homes has been particularly strong, with the 11th ad hoc recruitment round in July recording an average competition ratio of 165 to 1. The expanded supply is intended to meet this demand, stabilize the jeonse market and ease housing cost burdens for ordinary citizens.
Including the units scheduled for the end of the year, HUG plans to supply a total of 3,600 units this year. That is twice last year's figure of 1,800 units, following efforts to accelerate supply by holding regular quarterly recruitment rounds alongside ad hoc openings.
Ddeunddeun Jeonse Housing is a program under which HUG directly purchases homes for which it has paid jeonse deposits on behalf of tenants and supplies them as public rental housing to households without homes. Because HUG is the landlord, tenants can live without worrying about their jeonse deposits not being returned. They can also live in the homes for up to eight years with deposits set at approximately 90% or less of surrounding market rates.
Prospective tenants can apply online through the HUG Safe Jeonse Portal from September 30 through October 12. HUG will verify eligibility, including whether applicants own homes, and announce the final winners on December 30.
President Choi In-ho said, "We will continue to provide Ddeunddeun Jeonse Housing without disruption so that young people and ordinary citizens without homes can live with peace of mind. We ask for your continued interest in the 12th tenant recruitment round."

[email protected] Jung Kyung-soo Reporter