Gimhae City Encourages Good Landlords Again This Year

Various Incentives Including Extension of Property Tax Reduction Support

Good Landlord Certification Sticker in Gimhae-si, Gyeongnam. (Photo by Gimhae-si)

[Asia Economy Yeongnam Reporting Headquarters, Reporter Lee Sang-hyun] Gimhae City in Gyeongnam announced on the 5th that it will continue the Good Landlord Movement to support small business owners who are struggling due to the relentless novel coronavirus infection (COVID-19).

Last year, a total of 660 landlords who participated in the Good Landlord Movement received property tax reductions by lowering rents for 917 stores, injecting a spirit of mutual cooperation into the frozen local economy.

This year, the city will provide customized Gimhae-type incentives to participants in the Good Landlord Movement.

First, small business promotion funds will be temporarily prioritized for support. The loan amount is about 10 times the rent reduction amount, up to a maximum of 50 million KRW, with an interest differential of 2.5% per year compensated for 2 years. Repayment options include a lump-sum payment after a 2-year maturity or a 2-year grace period followed by 3 years of installment payments.

Additionally, the property tax reduction support period of up to 50% will be extended until the provisional end of COVID-19, and various incentives have been arranged, such as providing masks, disinfectants, and other quarantine supplies to buildings with reduced rent along with a coexistence certification sticker.

The city plans to go beyond simply finding good landlords by opening a bulletin board on the Good Rent Movement participation homepage where tenants and landlords can directly participate and communicate, designating a Good Landlord Day and promoting it on the city’s SNS to spread a spirit of coexistence.

Mayor Heo Seong-gon said, “By providing incentives, we aim to ultimately help small business owners,” and added, “We hope the Good Landlord Movement will continue until the end of COVID-19, becoming a source of strength for small business owners to overcome their crisis.”

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