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Democratic Party policy committee chair Kim Tae-nyeon speaks at a press briefing following discussion on residential services at the National Assembly on Nov. 27. From left are floor leader Woo Won-shik

The administration and ruling Democratic Party plan to supply one million units of housing to meet demand among ordinary people without residences. Additional supply of housing is to be made available to young people and newly married couples, while a “pension-model purchase rental” system is being introduced for senior citizen households with houses. The plan was announced by Democratic Party policy committee chair Kim Tae-nyeon at a Nov. 27 press briefing following party-administration discussions on residential welfare services at the National Assembly that morning.

“The ruling party and administration agreed to actively expand supplies of housing for rental and purchase and increase support to reflect residential demand among young people, newly married couples, senior citizens, and low-income and vulnerable population segments,” Kim said.

The discussion that day was attended by floor leader Woo Won-shik, Kim, senior deputy floor leader Park Hong-geun, and Land, Infrastructure, and Transport Committee chairperson Cho Jeong-sik from the Democratic Party, and the Minister of Land, Infrastructure and Transport, Kim Hyun-mee.

The ruling party and administration plan to focus first on supplying one million units in housing for members of the working class without residences, including 650,000 units of public rental housing, 200,000 units of public assistance private rental housing, and 150,000 units of public purchase housing. To achieve the goal, new public housing zones are to be developed to provide additional sites besides currently established public land.

The ruling party and administration also plan to supply 300,000 units of affordable small-scale rental housing to young people under 39 without homes. The measures include increased support for loans to cover key money and rental deposits for young people, along with subscription accounts with preferential terms for young people.

For newly married couples, 70,000 units of “Newlywed Hope Town” units are to be supplied at 70–80% of market rates. For senior citizen households, the Korea Land and Housing Corporation (LH) plans to purchase senior homes for renovation and rental to young people, while providing proceeds from the sale in pension-type installments to the original senior citizen owners in a “pension-style purchased rental” system.

To provide residential support low-income people, emergency assistance housing is to be provided to households in danger of being evicted from their residences, and residential support programs are to be increased for people living in flophouses and greenhouses. To support the residential welfare measures, the party and government announced plans to seek the ruling party’s cooperation in first passing amendments to the Housing Lease Protection Act, Special Act on Private Rental Housing, and Housing and Urban Fund Act.

“We anticipate that these residential welfare policies will create a firm residential welfare network, contributing to providing a housing ladder from employment to marriage and child raising and from low income to middle income,” Kim Tae-nyeon said.

Following its Nov. 27 discussions with the party, the administration plans to announce additional details on the residential welfare measures in a joint briefing by relevant agencies at 11 am on Nov. 29.

By Song Ho-jin, staff reporter

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