Hankook Tire Nanum Foundation Supports Social Housing Residents with Deposit Interest and Rent Assistance

[Asia Economy Reporter Suyeon Woo] The Hankook Tire Sharing Foundation announced on the 12th that it is establishing the 'Warm Social Housing Fund' and will implement a deposit loan project and rent support project for social housing residents (including prospective residents).

This project was prepared to help alleviate the housing cost burden for prospective and current social housing residents and will be carried out with a total budget of 550 million KRW.

The deposit loan project provides a 0% interest loan for rental deposits to prospective social housing residents, supporting up to 15 million KRW within 50% of the rental deposit. The total project budget is 500 million KRW, and the loan period is up to 4 years. Eligibility is based on the 2020 average monthly income of urban workers' households, with applicants qualifying if their household income is below a certain percentage according to the number of household members.

The rent support project provides monthly rent support of up to 150,000 KRW to social housing residents based on their income. The project budget is 50 million KRW, and the support period is up to 12 months. Applicants must be current social housing residents or scheduled to move in within one month, and meet income criteria below a certain threshold.

Both projects select eligible applicants through an online application followed by a review of qualifications and necessity of support, and support ends once the budget is fully utilized. Overlapping support between the two projects is not allowed, and residents living in 'social housing' owned by Korea Land & Housing Corporation and Seoul Housing & Communities Corporation are not eligible to apply.

Meanwhile, the Warm Social Housing Fund was established in 2016 by the Hankook Tire Sharing Foundation by contributing funds to the nonprofit organization Nanum and Future, aiming to activate social housing supply and support housing stability for socially vulnerable groups. It is the first private-based social housing project fund in Korea.

It was designed as a sustainable and expandable social contribution business model beyond simple donations, so that more neighbors can live in comfortable and affordable housing conditions. Currently, it operates with a total scale of about 12 billion KRW, and since 2016, support has been provided to 30 social housing projects offering homes to 430 households. Each social housing project provides comfortable homes to youth, newlyweds, and others for up to 10 years at rents 40-80% lower than surrounding market prices.

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