Recruitment of 'Seoul-type Good Landlords' for Voluntary Commercial Rent Reduction... Eligible for Annual Rent Reduction of Over 1 Million Won

Seoul Love Gift Certificates Up to 1 Million Won...Differentiated Support Based on Rent Reduction Amount
Good Landlords Can Also Receive Tax Credit Benefits Up to 70% of Rent Reduction Amount

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 6th that it is recruiting ‘Good Landlords’ who have reduced this year’s rent by more than 1 million won or plan to reduce rent for tenant merchants struggling with decreased sales due to the prolonged COVID-19 pandemic.

Good Landlords will be given ‘Seoul Love Gift Certificates’ ranging from a minimum of 300,000 to 1,000,000 won depending on the amount of rent reduction. In addition, they can also receive a tax credit benefit of up to 70% on the rent reduction amount for small business owners affected by COVID-19, which the government has extended until December this year.

The recruitment target is landlords of commercial buildings located in Seoul, whose converted deposit amount for individual tenant merchants’ lease amounts must be 900 million won or less. Landlords, tenants, and autonomous districts must also sign a win-win agreement together. For example, the converted deposit for a commercial lease with a monthly rent of 2 million won and a deposit of 50 million won is 250 million won.

The recruitment period is from the 7th to April 29th. Applicants wishing to apply can submit the application form, a copy of the lease contract, and other documents by mail or by visiting the autonomous district office where the commercial building is located. Required documents include the application form, win-win agreement, copy of the lease contract, tenant’s business registration certificate, and building registration certificate. The application form and win-win agreement templates can be downloaded from the Seoul Metropolitan Government website or obtained in printed form by visiting the district office. This year, Seoul’s support budget is 450 million won, and since the project may end early when the budget is exhausted, prompt application is expected to be necessary.

This ‘Seoul-type Good Landlord Program’ can also be combined with the government’s support measure that provides a tax credit of up to 70% on the rent reduction amount for small business owners affected by COVID-19, extended until December this year.

Han Young-hee, Director of Labor, Fairness, and Win-Win Policy at Seoul City, said, “In a situation where the difficulties of small business owners are increasing due to the prolonged COVID-19 pandemic, we expect Seoul’s Good Landlord support project to help tenants continue their business,” adding, “Voluntary and active participation of landlords is important so that tenants can overcome difficulties and coexist with landlords.”

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