Seongbuk-gu to Provide Up to 1 Million Won in Seongbuk Love Gift Certificates to Good Landlords

March 31 Deadline for Seongbuk-gu Good Landlord Recruitment Notice...Seongbuk Love Gift Certificates of 300,000 to 1,000,000 KRW Provided Based on Total Rent Reduction Range...Government Benefits Include Up to 70% Rent Reduction Income and Corporate Tax Deductions

[Asia Economy Reporter Jongil Park] Seongbuk-gu (Mayor Lee Seung-ro) is launching a support project to ease the burden on tenants who are struggling due to the prolonged impact of COVID-19.

Landlords who voluntarily reduce rent will be selected as ‘Seoul-type Good Landlords’ and will receive Seongbuk Love Gift Certificates worth up to 1 million KRW.

The eligibility criteria are landlords who have reduced or plan to reduce rent this year, with the property having a converted deposit of 900 million KRW or less (deposit + monthly rent × 100), and where the tenant and landlord have signed a rent reduction mutual agreement.

The amount of gift certificates provided varies according to the total annual rent reduction amount. For reductions between 1 million and 5 million KRW, 300,000 KRW will be given; for reductions between 5 million and 10 million KRW, 500,000 KRW; and for reductions over 10 million KRW, 1 million KRW will be paid in April.

Landlords participating in the Good Landlord support project can also enjoy additional tax credit benefits. If rent is lowered, up to 70% of the reduced amount can be credited against income or corporate tax.

The application period is from February 15 to the end of March, and landlords who own commercial buildings in Seongbuk-gu and wish to participate must submit the relevant documents to the Job and Economy Division of Seongbuk-gu Office.

Additionally, upon completion of the mutual agreement period, proof documents verifying the rent reduction amount must be submitted.

Meanwhile, Seongbuk-gu has promoted voluntary rent reductions within the community through posting banners, publicizing exemplary cases, and platform promotions to expand the Good Landlord movement.

Mayor Lee Seung-ro also wrote and sent a handwritten letter to landlords in the area before and after the Lunar New Year holiday.

Mayor Lee said, “I hope landlords will join the ‘Good Landlord Movement’ to support small business owners who are facing significant sales declines and rent burdens due to COVID-19,” adding, “Through coexistence within the local community, we will give hope to small business owners and bring warmth to the frozen local economy.”

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