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In the future, it will become easier for families with children under the age of 2 to purchase an apartment.
The Ministry of Land, Infrastructure and Transport announced the ‘Enforcement Rules for the Special Act on Public Housing’ as a follow-up measure to the housing support plan to overcome the low birth rate.
This measure to provide more benefits to married and child-bearing households includes ▲special and preferential supply of newborns ▲easing the dual-income standard ▲expanding the standard for multiple children ▲prevention of marriage disadvantages.
Newborn households looking to sell a home
The Ministry of Land, Infrastructure and Transport has decided to provide ‘special/priority supply of newborn babies’ to families with children under the age of 2 (including fetuses).
We decided to provide special supply of public sales (New: Home) to 30,000 households per year and priority supply of private sales to 10,000 households per year to families with newborns who want to purchase a home.
In the case of public sales (New: Home), we plan to distribute the quantity in the following proportions: 35% for sharing type, 30% for optional type, and 20% for general type.
In the case of private sales, we decided to allocate 20% of the first-time and newlywed special allowance to households with children under 2 years old. We decided to give more consideration to birth families than to any other standard.
Newborn households looking to rent a home
We also decided to provide 30,000 households per year with priority supply of public rental housing, which allows those who do not wish to purchase a home to rent at a low price.
In Korea, public rental housing is so popular that prospective tenants are selected in advance in preparation for the occupants moving out. However, if a pregnant household wants to move in, 10% of the total space in the complex will be provided to the pregnant household first, regardless of the prospective tenant.
Additionally, when recruiting tenants for purchase or lease, we have decided to give first priority to households that have given birth.
Changes to be advantageous to married and child-bearing households
We also decided to expand the criteria for having multiple children. The special provision for multi-child households in private sales will be expanded from the existing 3-child households to 2-child households, as in public sales. In addition, the distribution of points for the number of children, which was given at least 30 points for 3 children, will be changed to ▲25 points for 2 children, ▲35 points for 3 children, and ▲40 points for 4 or more children.
We also decided to change the content that states that if you get married when purchasing a property, you will be at a disadvantage. Until now, if a couple won more than once, all applications were cancelled, but the one that applied first was allowed to remain valid.
In addition, the spouse's winning subscription and home ownership history before marriage will disappear upon marriage, allowing couples to apply for special supplies for the first time in their lives and for newlyweds.
An official from the Ministry of Land, Infrastructure and Transport said, “As the low birth rate problem is serious, we have significantly reformed the subscription system to focus more benefits on married households with children.” “The Ministry of Land, Infrastructure and Transport will continue to do its best to ensure that young people do not postpone marriage or childbirth because of housing,” he said.
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