Implementation of Gumi-type Youth Housing Policy ... Easing Housing Concerns

Support for Monthly Rent and Jeonse Loan Interest and Jeonse Deposit Return Guarantee... 3-in-1 Set

City-led Youth Monthly Rent Support Project Promoted, Target Expanded and Income Criteria Relaxed

Gumi City in Gyeongbuk is accelerating preparations for the pre-procedures ahead of implementing a comprehensive 3-part 2024 Gumi-style youth housing policy set, ranging from monthly rent support to jeonse deposit loan interest support and return guarantee support.

Gumi City Hall.

The "Youth Monthly Rent Temporary Special Support Project," which closed applications last August, attracted about 2,000 beneficiaries, ranking 4th among local governments nationwide. The project will be extended, accepting applications for one year starting in March.

The main changes include mandatory subscription to a housing subscription savings account for applicants, an increase in the eligible monthly rent amount from 600,000 KRW to 700,000 KRW, and allowing reapplication even for those who have already benefited from monthly rent support projects implemented by local governments or the Ministry of Land, Infrastructure and Transport.

This project supports monthly rent up to 200,000 KRW for 12 months for "homeless youth aged 19 to 34 living separately from their parents," provided they meet income and property criteria.

The homeless youth criteria are: income must be 60% or less of the median income for youth households and 100% or less of the median income for the original household; property must be 122 million KRW or less for youth households and 470 million KRW or less for the original household.

Alongside this, the city plans to implement the "Gumi City Youth Monthly Rent Support Project" from May as a measure for youth who did not benefit from the existing Youth Monthly Rent Temporary Special Support Project.

Through an ordinance, the eligible age will be expanded to 39 years old, and the income criteria will be relaxed from 60% to 80% of the median income to support young people in their early careers.

Additionally, Gumi City will introduce housing support measures for jeonse loans so that youth can live with peace of mind.

The "Youth Jeonse Monthly Rent Deposit Loan Interest Support Project," which has been in effect since last year, supported interest up to 2.5% within a loan limit of 100 million KRW for single homeless household heads with deposits of 250 million KRW or less when taking out new loans. In 2024, interest support will be extended to both new and existing borrowers.

The "Youth Jeonse Deposit Return Guarantee Fee Support Project," a measure to prevent jeonse fraud, encourages youth to subscribe to guarantee insurance by supporting up to 300,000 KRW of the paid guarantee fee. Starting this year, it will be expanded and implemented for all age groups.

The eligibility based on the guarantee insurance subscription date has changed: applicants can apply if they have a valid jeonse deposit return guarantee at the time of application, not just if subscribed after January 1, 2023. Even if subscribed in 2022, applications are possible if the guarantee is currently valid.

However, the support amount is 100% of the paid guarantee fee (up to 300,000 KRW) for youth aged 19 to 39, and 90% of the paid guarantee fee (up to 300,000 KRW) for non-youth.

Mayor Kim Jang-ho said, "We plan to focus on supporting youth housing in Gumi City to alleviate the housing cost burden on young people, enabling them to concentrate on their studies and job preparation, and further helping them achieve stable social entry and settlement."

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