Kim Yi-tak, first vice minister of land, infrastructure and transport, said the government will steadily expand its subsidized "Happy Dormitory" program to ease housing costs for university students, adding that it also plans to actively supply shared youth housing in which the Korea Land & Housing Corporation (LH) buys homes and re-leases them at low rents.
Kim made the remarks on the 21st after inspecting facilities at the opening ceremony for Lydia House, a Happy Dormitory at Kyung-in Women's University in Incheon's Gyeyang District. "Last month, in the housing stability plan, we announced that we would provide tailored housing welfare that takes life stages into account," he said.
The Happy Dormitory program provides low-interest loans at 1.5% from the Housing and Urban Fund to the Korea Advancing Schools Foundation to build affordable, high-quality dormitories, easing housing insecurity for students who face long commutes. Since 2012, the program has supported 80 projects with a combined 1.06 trillion won, providing housing for more than 50,000 university students.
"Through Happy Dormitories that offer comfortable spaces, I hope students will engage actively with their friends while also devoting themselves to their studies as they prepare intensely for the future," Kim said.