Land Ministry Vice Minister Kim Yi-tak: “Expand Happy Dormitories ... and actively provide shared-type housing for young people”

[Financial News] Kim Yi-tak, First Vice Minister of Land, Infrastructure and Transport, said on the 21st, “To ease the housing burden on university students, we will continue to expand Happy Dormitories and actively provide shared-type housing for young people, in which Korea Land and Housing Corporation (LH) purchases homes and rents them out again at affordable rates.”
At the opening ceremony that afternoon for Ludia House, a Happy Dormitory at Kyung-in Women’s University in Gyeyang-gu, Incheon, Vice Minister Kim said support would continue to ease young people’s housing costs.
The Happy Dormitory program provides affordable accommodation to university students who have difficulty commuting. It supports dormitory construction by lending funds from the Housing and Urban Development Fund to the Korea Foundation for the Promotion of Private Schools at a low annual interest rate of 1.5%. Since 2012, a total of 1.0614 trillion won has been provided for 80 projects, providing accommodation to more than 50,000 university students.
Vice Minister Kim said, “I feel a great sense of fulfillment that, thanks to the construction of Happy Dormitories supported by the Ministry of Land, Infrastructure and Transport’s Housing and Urban Development Fund, university students can worry less about housing costs and focus fully on their studies and personal development.”
Kim also said that, under the Housing Stability Plan announced last month, tailored housing welfare would be provided with people’s life stages in mind and housing support for university students would be expanded.
After the opening ceremony, Kim inspected the dormitory facilities and occupancy status and heard the views of people involved, including current students. He encouraged the students, saying, “I’ll be rooting for you as you work hard to prepare for the future—actively connecting with your friends in the comfortable space provided by Happy Dormitories while also devoting yourselves to your studies.”
[email protected] Choi Ga-young Reporter