Dobong-gu Supports Good Landlords with Up to 1 Million Won in Local Love Gift Certificates

Applications accepted from February 15 to March 31... Encouraging landlords' voluntary rent reduction to create a sustainable win-win environment for landlords and tenants

[Asia Economy Reporter Park Jong-il] Dobong-gu (Mayor Lee Dong-jin) is implementing the ‘Good Landlord Support Project’ to help small business owners suffering from the dual economic hardships of a sharp decline in sales due to the prolonged COVID-19 pandemic and store rental fees.

In line with Seoul City's Seoul-type Good Landlord Support Project, the district encourages landlords to voluntarily reduce rent by providing Seoul Love Gift Certificates (mobile gift certificates) based on the total annual rent reduction amount. By signing a ‘win-win agreement’ specifying the rent reduction details, it promotes a sustainable cooperative atmosphere between landlords and tenants.

The gift certificates are provided as follows: 300,000 KRW for rent reductions between 1 million KRW and less than 5 million KRW, 500,000 KRW for reductions between 5 million KRW and less than 10 million KRW, and 1 million KRW for reductions of 10 million KRW or more. For landlords owning multiple buildings in the area, the total reduction amount is applied.

The support targets stores with a converted deposit of 900 million KRW or less under the Commercial Building Lease Protection Act, where landlords have reduced or will reduce rent within 2021. The commercial buildings must not be illegal constructions violating the Building Act or related laws and must be registrable as business premises under the Value-Added Tax Act, Income Tax Act, and Corporate Tax Act. However, landlords and tenants who are spouses, direct lineal ascendants or descendants, or have special relationships, or whose business types include taxable entertainment venues, educational services, or gambling facility management and operation, are excluded from support.

Applicants can download the required documents from the district website (Announcements·Budget → Notices), complete them, and submit them by visiting the Dobong-gu Office New Economy and Job Division or by registered mail. The application period is from February 15 to March 31.

The district will provide mobile gift certificates quarterly within the budget to landlords who meet the eligibility criteria, conduct periodic checks on the implementation of the win-win agreements during the period, and carry out continuous follow-up management to verify compliance with rent reduction agreements.

Meanwhile, Dobong-gu awarded certificates of appreciation to 18 selected good landlords in 2020 to encourage them.

Additionally, from the 2021 tax year, good landlords will receive tax deductions of up to 70% of the reduction amount (up to 50% if comprehensive income tax exceeds 100 million KRW), be included as eligible for small business management stabilization fund loans, receive free electrical safety inspections, and benefit from extended public sector rent reductions, among other multifaceted support measures.

Lee Dong-jin, Mayor of Dobong-gu, stated, “We hope landlords will extend a hand of social solidarity and cooperation so that self-employed people struggling due to the prolonged COVID-19 pandemic can work with hope. Dobong-gu will do its best to ensure that the good landlord project promoted by the government and Seoul City spreads throughout Seoul, and we will continue to strive for support measures at the autonomous district level.”

Dobong-gu New Economy and Job Division, Regional Economy Team

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