Why Did Yoodonggyun, Mayor of Mapo-gu, Hang the Miracle House 'MH Mapo Housing' for Residents?

Mapo-gu to Provide Total of 100 Million KRW in Housing Stability Funds This Year Following Temporary Residence and Purchased Rental Housing... Public Rental Housing Deposit Loans Up to 10 Million KRW per Household, 1% Annual Interest... Support for Housing Stability Loans and Moving Expenses for 80 Households by 2022

Yoo Dong-gyun, Mayor of Mapo District, is having a conversation with a child who moved into Mapo Housing No. 1.

[Asia Economy Reporter Park Jong-il] Mapo-gu (Mayor Yoo Dong-gyun) signed an agreement on the 14th with Woori Bank Mapo-gu Office Branch regarding the loan of housing stabilization funds to successfully promote the ‘MH Mapo Housing’ project, a support measure for households in housing crisis.

‘MH Mapo Housing,’ one of the key pledges of Mayor Yoo Dong-gyun during the 7th local election term, is a representative housing welfare support policy of the district that provides temporary housing, purchased rental housing, and housing stabilization funds to households in housing crisis.

Since the project started last year, the district has prepared 13 temporary housing units and 3 purchased rental housing units and is currently providing support. This year, it will launch the housing stabilization fund loan support policy for the first time.

On the 14th, the district signed an agreement with Woori Bank Mapo-gu Office Branch, the entrusted financial institution, to jointly support the housing stabilization project for low-income, housing-vulnerable households.

The support consists mainly of providing loans for move-in deposits to low-income, housing-vulnerable households selected as waiting applicants for public rental housing.

The support scale is up to 10 million KRW per household, with an interest rate of about 1% per annum. The repayment condition is a 3-year grace period followed by 5 years of equal installment repayments, with the option for lump-sum repayment within the period. The total annual project budget is 100 million KRW, and loans will be provided to about 10 households throughout the year.

Furthermore, the district plans to support a total of 80 households with housing stabilization fund loans and moving expenses by 2022, investing a total of 9.4 billion KRW to support 95 residential units.

Mapo-gu’s approach is notable in that a single local government is closely expanding the scope of housing welfare support through measures such as temporary housing, public rental housing, and loan support.

This housing welfare support policy is the first of its kind among Seoul’s autonomous districts.

Mayor Yoo Dong-gyun of Mapo-gu said, “I also lived a very difficult life since childhood,” and added, “We will definitely prevent residents from being forced onto the streets due to lack of money, and help residents in difficult circumstances protect their families and not lose hope.”

This content was produced with the assistance of AI translation services.