Korea Housing Finance Corporation Provides Housing Cost Support to Youth Aging Out of Child Welfare Facilities
[Asia Economy Reporter Song Seung-seop] Korea Housing Finance Corporation announced on the 9th that it will provide a total of 150 million KRW in support to youth aging out of care in cooperation with Busan City and local civic groups.
The support targets about 50 youth aging out of care residing in Busan. Housing costs such as monthly rent and utility bills will be supported up to 250,000 KRW per month for 12 months. The support project also involves Busan Metropolitan City, Busan Child Welfare Center for Independent Living, and Busan Community Chest of Korea.
Youth aging out of care refers to individuals aged 18 or older who have left child welfare facilities such as child care institutions or group homes. Since legal protection ends when they reach the protection age (18 years old), they must secure their own housing.
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Choi Jun-woo, President of the Housing Finance Corporation, said, “We hope this social contribution activity will help local youth who need to secure their own housing.”
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