Seoul City to Support 5,000 Youths Including COVID-Affected with 'Youth Monthly Rent' Program

[Asia Economy Reporter Yuri Kim] The Seoul Metropolitan Government is launching the 'Seoul Youth Monthly Rent Support' program this year, providing 200,000 KRW per month for up to 10 months (one lifetime benefit) to single-person youth households.

The Seoul Youth Monthly Rent Support project is Seoul's housing safety net designed to support housing stability for single-person youth households starting independent living and to ensure a fair starting line. It was proposed directly by youth last year and is being implemented from this year through the 'Seoul Youth Autonomous Budget System.'

This year, a total of 5,000 people will be selected and supported through applications. Eligible applicants are youth aged 19 to 39 with an income below 120% of the median income (based on health insurance premium assessments). In particular, considering the special circumstances of the COVID-19 pandemic, 1,000 of these will be youth who have lost their jobs or experienced a 25% or more income reduction due to COVID-19, providing targeted support for those affected.

Seoul announced on the 9th that applications for the Seoul Youth Monthly Rent Support will be accepted from June 16 to 29 via the Seoul Housing Portal. Income and asset investigations will be conducted in July, with the announcement of beneficiaries in August and support payments starting in September.

Youth affected by COVID-19 must submit supporting documents proving that among those with continuous income for more than three months, they experienced at least five days of unemployment, unpaid leave, or a 25% or greater income reduction within the period from the COVID-19 alert level escalation (February 23) to the announcement date (June 16).

Beneficiaries will be selected in order of the lowest combined amount of lease deposit and vehicle market value standard. If the number of applicants exceeds the support quota, beneficiaries will be chosen by random draw among those exceeding the quota.

Applicants who own a house, have pre-sale rights, cooperative membership housing rights, total general assets exceeding 100 million KRW, or own a vehicle with a market value standard of 25 million KRW or more are excluded from applying. Those receiving basic national livelihood benefits (education benefits are allowed) or participating in public housing support programs are also ineligible.

Total general assets must be 100 million KRW or less, including the applicant's land, building real estate tax base, vehicle market value standard, and lease deposit amount. However, if a general financial loan was taken under the name of the lease deposit, the loan amount can be deducted from the total when calculating the sum.

Applications, selection results, and benefit claims for youth monthly rent support are handled through the Youth Monthly Rent Support menu on the Seoul Housing Portal. Detailed support criteria and required documents can be found in the announcement posted on the Seoul Housing Portal.

Meanwhile, Seoul plans to support a total of 45,000 people over three years, starting with 5,000 this year.

Park Won-soon, Mayor of Seoul, said, "We hope that the Seoul Youth Monthly Rent Support, which is being provided for the first time to 5,000 youth including those affected by COVID-19, will be a practical help to single-person youth households suffering from housing insecurity."

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