Changwon Special City Invests Largest Ever Budget to Improve Housing Welfare

6.1 Billion Won, a 13% Increase Compared to the Previous Year

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City in Gyeongnam is investing the largest budget ever to improve housing welfare.

The city will invest 56.1 billion KRW, a 13% increase from the previous year, to promote more thorough and detailed housing stability through ▲basic housing benefits for low-income groups ▲rental deposit support for housing-vulnerable groups ▲housing improvements for the disabled ▲rental deposit loan interest support for newlyweds and multi-child families ▲home purchase loan interest support for newlyweds.

The basic housing benefit to support housing costs (rental fees) for low-income households will increase by 7.4 billion KRW from the previous year, providing 54.5 billion KRW to about 30,000 households. The standard median income coverage has expanded from 46% last year to 47% this year, and the payment amount has also been raised considering the rise in housing rental fees. Additionally, for low-income homeowners, repair and maintenance benefits are provided every few years to help with aging home repairs.

12.5 million KRW will be invested in rental deposit support. Interest-free rental deposits will be provided to basic livelihood security recipients or near-poverty households without homes who move into long-term rental housing of 30 years or more. Excluding the contract deposit, up to 20 million KRW can be supported, with a two-year extension twice, allowing a maximum of six years.

45 million KRW will be provided for housing modifications for the disabled. Homes will be renovated up to 3.8 million KRW for disabled households with monthly urban worker average income or less. The number of beneficiaries was 5 households until last year but has been significantly expanded to 12 households this year. This project improves facilities for daily convenience such as bathrooms, safety devices, and auxiliary handrails.

1.3 billion KRW will be invested in interest support for rental deposit loans and home purchase loans for newlyweds to ease the burden of high-interest housing costs. Interest support for newlyweds’ rental deposit loans has been provided annually, and in the second half of this year, it will be expanded to include home purchase loan interest support.

In the first half of the year, rental deposit loan interest up to 1.5 million KRW will be paid to newlyweds without homes whose income is below 180% of the standard median income, and in the second half, a new home purchase loan interest support program for newlyweds will be established to provide up to 1.5 million KRW.

90 million KRW will be invested in rental deposit loan interest support for multi-child families. Interest support up to 1 million KRW will be provided to multi-child families without homes whose income is below 180% of the standard median income. This applies to families with three or more children under 18 years old and recruitment is planned for March.

Moon Sang-sik, Director of the Urban Policy Bureau, said, “In this era of high interest rates, high prices, and high oil prices, the worries of housing-vulnerable groups and young people are deepening,” adding, “We will provide more thorough and substantial housing welfare so that not a single household is left behind.”

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