Seoul City to Provide Rental Housing for Children and Youth Leaving Orphanages

[Asia Economy Reporter Onyu Lim] Seoul City will provide rental housing at about 30% of the market price to children and youth who have to live independently after leaving child welfare facilities such as orphanages or youth shelters but have no proper place to go.

On the 28th, Seoul City announced that it will supply a total of 203 units of 'Youth Purchased Rental Housing' to 'children aging out of care' and 'youth leaving shelters' by 2024. This year, 13 units will be supplied, 40 units next year, and 50 units annually from 2022 to 2024.

A Seoul City official explained, "This rental housing support is the first among local governments nationwide, where the city and the city council have united to protect children and youth in housing welfare blind spots, enacted and promulgated related ordinances, and organized support measures over about two years."

Children under protection in facilities such as orphanages become 'children aging out of care' when they turn 18 and must leave the facility. Youth admitted to youth shelters must leave when they turn 24.

Children and youth finally selected as tenants of the rental housing only need to pay a rental deposit of 1 million KRW and rent at 30% of the market price (appraised value).

The initial rental period is two years, with two possible renewals, allowing a total residence of six years. However, if the household's average monthly income is 105% or less of the previous year's average monthly income of urban workers' households, and they meet the asset criteria for permanent rental housing, an additional seven renewals are possible, allowing a maximum residence of 20 years.

The supply for this year, available for move-in from December 14, will begin accepting applications from the 28th of this month through the Seoul Housing and Communities Corporation (SH Corporation) website.

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