Seoul City Announces Recruitment for Long-term Safe Housing Tenants with Up to 60 Million Won Support

Recruiting 2,500 Homeless and Newlywed Couples
30% of Jeonse Deposit, Up to 10 Years Interest-Free Deposit Support
Applications from 15th to 19th... Announcement in January Next Year

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The Seoul Metropolitan Government announced on the 1st that it will newly recruit 2,500 applicants for the 'Deposit Support Long-term Secure Housing' program targeting homeless citizens and newlyweds.

This is a public rental housing support system by Seoul City that supports part of the jeonse or monthly rent deposit so that tenants can find and live in housing in their desired area.

If the jeonse or monthly rent deposit exceeds 100 million KRW, 30% of the deposit can be supported interest-free for up to 45 million KRW for a maximum of 10 years. If the deposit is 100 million KRW or less, 50% support is possible. Newlyweds can receive deposit support up to 60 million KRW.

Eligible applicants are homeless household members residing in Seoul as of the announcement date, with a monthly average income of 100% or less of the urban worker household standard (5.91 million KRW for a family of four). For the special supply for newlyweds (20% of total), the income limit is 120% or less. Owned real estate must be 215.5 million KRW or less, and automobiles must have a current value of 34.96 million KRW or less.

Eligible housing includes pure jeonse housing and monthly rent housing with a deposit. The deposit limit is up to 290 million KRW for single-person households, which is the sum of the basic deposit and the jeonse conversion deposit for monthly rent housing, and up to 380 million KRW for households with two or more people. The exclusive area of the eligible housing is 60㎡ or less for single-person households and 85㎡ or less for households with two or more people.

The lease contract is signed jointly by the housing owner, tenant, and Seoul Housing & Communities Corporation (SH) as co-lessees, with the deposit being supported. Contracts are possible even if the tenant is already residing in a housing unit that meets the criteria. Support is available for up to 10 years with renewals every two years, and brokerage fees payable by the landlord are covered by city funds.

Those wishing to apply can do so from the 15th to the 19th on the Seoul City and SH Corporation websites. Successful applicants will be announced on January 26 of next year. Kim Seongbo, Director of Seoul City's Housing Policy Office, stated, "We will continue efforts to improve the system, such as relaxing housing eligibility requirements, to create a sustainable framework so that more citizens can benefit."

Meanwhile, since the program started in 2012, a total of 14,592 households have received jeonse and monthly rent deposit support as of the end of September this year.

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