Jeongeup-si Supports Guarantee Fee for Youth Jeonse Deposit Return Guarantee

Published 27 Jul.2023 10:38(KST)

Jeongeup City in Jeonbuk is accepting applications for the ‘Youth Jeonse Deposit Return Guarantee Fee Support Project’ to prevent the increasing damage caused by non-return of jeonse deposits.

According to the city on the 27th, this project was promoted to encourage young people, who are the main victims of jeonse fraud, to subscribe to jeonse deposit insurance and thereby promote housing stability.

Jeongeup City Hall exterior view. [Photo by Jeongeup City]

The city secured 14 million KRW (50% national funds, 15% provincial funds, 35% city funds) through the first supplementary budget and will support up to 300,000 KRW.

The support targets are homeless youth who have subscribed to the jeonse deposit return guarantee insurance through the Korea Housing & Urban Guarantee Corporation, Korea Housing Finance Corporation, or Seoul Guarantee Insurance after January 1, 2023. Eligible applicants must be between 19 and 39 years old, have a rental deposit of 300 million KRW or less, and an annual income of 50 million KRW or less (70 million KRW or less for newlyweds).

The number of applicants to be recruited is 46 households, and applications can be submitted at the local eup/myeon offices or dong community service centers of the applicant’s address.

However, tenants residing in rental housing registered as rental business and tenants who are corporations (company dormitories) are excluded from the support.

Mayor Lee Hak-su said, “Housing insecurity among young people is increasing due to recent jeonse fraud,” and added, “We will create an environment where young people can feel secure through the guarantee fee support project.”