Incheon City Supports Low-Income Youth Rent... Up to 200,000 KRW per Month for Those up to Age 39

[Asia Economy Reporter Park Hyesook] Young adults without homes living in Incheon will have reduced monthly rent burdens.

Incheon City announced on the 19th that it will implement the 'Incheon-type Youth Monthly Rent Support' project to alleviate housing cost burdens for low-income youth.

This project extends the age eligibility for the Ministry of Land, Infrastructure and Transport's 'Youth Monthly Rent Temporary Special Support' from 19-34 years old by 5 years, supporting up to age 39.

Among young adults without homes living separately from their parents in Incheon, those with a standard median income of 60% or less, renting buildings with a deposit of 50 million KRW or less and monthly rent of 600,000 KRW or less, can receive up to 200,000 KRW in monthly rent support for 12 months.

Applicants must be registered residents at the rental property's location based on the lease contract, and those paying monthly rent exceeding 600,000 KRW can apply if the sum of the converted deposit amount (applying a 2.5% conversion rate according to the Housing Lease Protection Act) and monthly rent is 700,000 KRW or less.

However, those who own a house or hold pre-sale or occupancy rights, rent from relatives within two degrees of kinship, reside in public rental housing under the Public Housing Special Act, live in housing with deposits exceeding 50 million KRW, or have benefited from similar projects in local governments nationwide are excluded.

Applicants aged 19-34 can apply through the Bokjiro website or their local community service center, while those aged 35-39 must apply at their local community service center. Youth living in Dong-gu and Bupyeong-gu can only apply at their district office. The application period is from the 22nd of this month until August 21 of next year.

Incheon City plans to select and announce beneficiaries after screening by the end of October. Actual support will begin in November, but considering the screening period, payments will be retroactively made from the month of application.

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