Jinju City Creates Stable Living Conditions by Promoting 'Youth Housing Policy'

Support for Youth Monthly Rent and Interest on Housing Jeonse Loans for Newlyweds

Jinju City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, announced on the 23rd that it will carry out various support projects to help young people maintain stable housing.

The main projects include ▲Youth Monthly Rent Support Project ▲Newlywed Couple Housing Jeonse Loan Interest Support Project ▲Separate Payment of Youth Housing Benefits.

The Youth Monthly Rent Support Project is a policy being implemented for the first time this year, with a budget of 200 million KRW to select about 130 people and provide up to 150,000 KRW per household per month for 10 months.

Youth aged 19 to 34 who are household heads residing in the city as of the announcement date on the 19th, with a household income at or below 150% of the median income, and with a rental deposit of 100 million KRW or less and monthly rent of 600,000 KRW or less, can apply. Some conditions may exclude applicants from eligibility.

The Newlywed Couple Housing Jeonse Loan Interest Support Project is aimed at encouraging marriage and increasing the birth rate. With a budget of 200 million KRW, the city plans to recruit beneficiaries in June and support interest on housing jeonse loans for newlywed households without home ownership.

Eligible applicants are newlywed couples without home ownership within five years of their marriage registration, both spouses registered at the same city address, with a combined household income at or below 180% of the median income, and with financial institution housing jeonse loan amounts of 150 million KRW or less. Basic livelihood security recipients and public rental housing residents who are basic housing benefit recipients are excluded from eligibility.

The support amount is 1.5% of the outstanding housing jeonse loan balance, paid once annually up to 1 million KRW, with an additional 20% per child, up to a maximum of 1.5 million KRW.

The Separate Payment of Housing Benefits project allows young people living apart from their parents to receive housing cost support.

Applicants must be unmarried youth aged 19 to under 30, who are housing benefit recipients with income at or below 45% of the median income, and who reside in a different city or county from their parents for purposes such as schooling or job seeking. If selected, payments will be made reflecting actual rent based on income level.

Jinju Mayor Jo Gyu-il stated, “We hope these newly implemented projects will help stabilize the housing life of the young generation facing economic difficulties,” and added, “We will continue to do our best to discover various policies for young people.”

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