LH Supports 2 Years of Housing Subscription Payments for Youth Preparing for Independence

Lee Han-jun, President of LH (left in photo), Shin Hee-young, President of the Korean Red Cross (center), and Lee Won-duk, President of Woori Bank, are posing for a commemorative photo after signing the agreement. (Photo provided by LH)

[Asia Economy Reporter Kim Min-young] Korea Land and Housing Corporation (LH) announced on the 11th that it will implement the ‘Youth+Start Housing Subscription Savings Program,’ which supports the payment of housing subscription savings deposits for youth preparing for independence, in collaboration with Woori Bank and the Korean Red Cross.

On the 9th, LH President Lee Han-jun, Woori Bank President Lee Won-duk, and Korean Red Cross Chairperson Shin Hee-young signed a ‘Business Agreement to Support Housing Independence for Youth Preparing for Independence’ at the LH Seoul Regional Headquarters.

This project is a program that directly provides residential spaces such as rental housing and supports the subscription and deposit payments for housing subscription savings accounts.

LH and Woori Bank will support a total savings amount of 480,000 KRW over two years, providing 20,000 KRW per month per person to 1,000 youth preparing for independence within five years after leaving child protection facilities each year.

The Korean Red Cross is responsible for recruiting and selecting beneficiaries and managing the housing subscription savings accounts.

The three organizations will also provide education on the importance of continuing to pay and maintain housing subscription savings so that savings can be sustained even after the payment support ends.

The recruitment announcement for beneficiaries will be made within this month, and the Youth+Start Housing Subscription Savings Program will be fully launched starting next year.

Additionally, LH will appoint ‘LH Youth+Start Supporters’ to actively promote this project to youth preparing for independence. The supporters, who are youth preparing for independence themselves, will serve as mentors for youth preparing for independence by sharing their experiences after leaving facilities, alongside the project ambassadors.

LH President Lee Han-jun said, "We expect this project to greatly help youth preparing for independence establish a foundation for future housing independence," and added, "LH will continue to pay close attention and make efforts to support the practical independence of youth preparing for independence."

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