"Creating Conditions for Long-Term Settlement" ... Busan City Promotes Youth Housing Policy

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City is promoting a comprehensive youth housing policy for a "city where young people want to live, Busan."

Busan City will invest a total of 19.3 billion KRW to support about 10,000 households in all matters related to housing, from housing consultation to contracts and contract expiration.

The city has prepared policies to create conditions where local youth can settle safely for a long time.

This year’s major youth housing projects include ▲ operation of Housing Welfare Centers ▲ support for brokerage fees for jeonse and monthly rent contracts ▲ interest support for rental deposit loans for youth and newlyweds ▲ monthly rent support ▲ safety home set support for single-person youth households ▲ and support for the guarantee fee of the youth safety jeonse deposit return guarantee, totaling six projects.

The "Housing Welfare Centers" are operated in one location each in the eastern and western Busan areas, providing information on public rental housing, support loans, and Busan City’s housing support policies.

The city plans to build an online platform in the future to provide integrated information on support for youth and newlyweds and housing welfare projects.

The "Support for Brokerage Fees for Jeonse and Monthly Rent" is a project that supports brokerage fees paid to certified real estate agents up to 300,000 KRW when signing jeonse or monthly rent contracts for houses with lease transaction amounts of 200 million KRW or less, scheduled to be implemented in June.

The "Interest Support for Rental Deposit Loans for Youth and Newlyweds" fully supports the interest on rental deposit loans. Within 90% of the rental deposit, youth can receive interest support on loans up to 100 million KRW, and newlyweds up to 200 million KRW.

The number of beneficiaries has significantly increased compared to last year, with 1,000 youth and 1,500 newlywed couples eligible. The application period for youth rental deposit loan interest support is from the 14th to March 6.

"Monthly Rent Support" is a project that provides 200,000 KRW per month for 12 months to housing-free youth aged 19 to 34 who live separately from their parents.

The income criteria require that the independent youth household income be 60% or less of the median income, and the original household income be 100% or less of the median income.

Additionally, the housing rental deposit must be 50 million KRW or less, and the monthly rent 600,000 KRW or less.

The "Safety Home Set Support for Single-Person Youth Households" is a project to support window locks, portable emergency bells, and other safety devices so that youth can live safely, as violent crimes have occurred repeatedly near university areas and one-room apartments.

The support target is youth aged 18 to 34 living in houses with a jeonse deposit of 100 million KRW or less. The project plans to recruit beneficiaries and proceed starting in June.

The "Support for Guarantee Fees of Jeonse Deposit Return Guarantee" is a project to provide a legal safety net for recovering jeonse deposits to prevent issues of not receiving deposits back when housing lease contracts expire.

Applications have been accepted since the 7th through the Busan Youth Platform and the Housing and Urban Guarantee Corporation.

Park Hyung-jun, Mayor of Busan, said, "We will carefully prepare and actively promote customized support policies that young people need so that they can reduce their housing worries and live in a more stable and better housing environment."

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