Gwangmyeong City Introduces First In-House Lease-Purchase Housing Program...Up to 30 Years of Residence

Gwangmyeong City (Mayor Park Seung-won) announced on the 12th that it will supply seven lease-purchase housing units to vulnerable groups next year to support stable housing for housing-vulnerable populations.

The city plans to invest 1.95 billion won entirely from the municipal budget to purchase a total of seven multi-family housing units including two units in Gwangmyeong-dong, one in Cheolsan-dong, and four in Soha-dong, followed by renovation and supply to housing-vulnerable groups.

The city has taken direct action in purchasing and supplying housing to provide practical housing opportunities for citizens in blind spots regarding housing. This is the first time Gwangmyeong City has directly purchased housing and supplied lease-purchase housing.

Priority selection for move-in targets will include housing-vulnerable groups living in non-housing facilities among low-income populations such as recipients of basic livelihood and medical assistance, single-parent families, households below the minimum housing standard, persons with disabilities, and elderly individuals aged 65 and above. Applicants must be members of non-homeowning households with residency registration in Gwangmyeong City.

The initial lease period is two years, and re-contracts can be made up to 14 times, allowing residence for up to 30 years maximum.

The project will proceed in earnest from January 2027, and following administrative procedures, application and acceptance for move-in will begin in July, followed by tenant selection and lease agreement execution in August before move-in.

Gwangmyeong City Mayor Park Seung-won stated, "The city will directly secure housing and carefully monitor tenant settlement to guarantee housing rights for housing-vulnerable groups and create a dense housing safety net where no one is left out."