Gyeongnam Province Supports 80% of Remodeling Costs for Landlords in 'Deobureo Nanum Housing' Program

Recruitment of Tenants in March for Housing Vulnerable Groups Including Low-Income, Youth, and Newlyweds

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do is promoting the ‘Deobureo Nanum Housing Project,’ which provides rental housing at half the market price to housing-vulnerable groups such as low-income families, youth, and newlyweds.

The ‘Deobureo Nanum Housing Project’ supports landlords by covering 80% of remodeling costs, up to a maximum of 15 million KRW, enabling tenants to rent housing at half the surrounding market price.

The province has allocated a budget of 195 million KRW this year to support a total of 13 buildings.

Through the ‘Deobureo Nanum Housing Project,’ a total of 28 buildings were supported from 2018 to 2020.

Starting this year, the mandatory rental period has been adjusted from 5 years to 4 years to reduce the burden on landlords, and the support target has been expanded from small-scale old communal housing over 20 years old to old communal housing in general.

Additionally, even if there are cancellations after the selection of beneficiaries, an early project plan will be established and promoted within the year to ensure smooth project progress.

Those wishing to rent can apply year-round from next week until this year’s project quota is exhausted at the relevant eup, myeon, dong, or city/county architectural departments.

Tenants will be recruited around March, targeting housing-vulnerable groups such as low-income families, youth, newlyweds, returnees to farming and rural areas, and cultural artists.

Meanwhile, the province plans to continuously strengthen housing welfare support by supplying vacant houses in rural fishing villages to returnees to farming and rural areas, and vacant houses in urban areas to youth and newlyweds, to alleviate housing cost burdens for old houses and socioeconomically vulnerable groups.

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