Seoul City to Recruit 2,500 Tenants for Deposit-Support Long-Term Secure Housing

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 30th that it will recruit 2,500 applicants for the second round of 2021 for the 'Deposit Support Long-term Secure Housing,' which supports jeonse and monthly rent deposits.

Applications can only be submitted online through the Seoul Housing and Communities Corporation (SH Corporation) website from the 12th to the 16th of next month. The announcement of successful applicants is scheduled for September 16.

The Deposit Support Long-term Secure Housing is a type of public rental housing that supports part of the deposit interest-free so that tenants of jeonse or monthly rent can find and live in their desired housing.

If the deposit exceeds 100 million KRW, 30% or up to 45 million KRW is supported; if it is 100 million KRW or less, 50% or up to 45 million KRW is supported. Support is available for up to 10 years with renewals every two years. The brokerage fee that the housing owner landlord must pay is covered by the city.

The lease contract is signed with the tenant and SH Corporation as joint lessees. Contracts can also be made if the tenant already resides in a housing unit that meets the criteria.

Starting this year, if the conditions for the Housing and Urban Guarantee Corporation (HUG) Buttress Loan are met, a buttress loan for the deposit is also possible, further reducing housing cost burdens.

Eligibility requirements are that, as of the announcement date, members of a non-homeowning household residing in Seoul must have a monthly average income of 100% or less of the urban worker household income standard. This corresponds to approximately 4.56 million KRW for a two-person household and 7.09 million KRW for a four-person household.

There are other criteria such as asset size including real estate and automobiles, deposit limits, and exclusive residential area of the target housing, so applicants should check the announcements on the SH Corporation website.

Twenty percent of the total, 500 applicants, will be selected under a special supply for newlyweds. Newlyweds are subject to an income standard of 120% of the urban worker household monthly average income, and for deposits exceeding 100 million KRW, support up to 60 million KRW is available.

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