Changwon Special City Announces Housing Welfare Policy for Citizens' Residential Stability

Changwon Special City, Gyeongnam, announced on the 17th its housing welfare policy for this year to continue various housing welfare support policies for the residential stability of its citizens.

Changwon Special City Hall, Gyeongnam.
Photo by Lee Seryeong

The city plans to expand and strengthen its 2024 housing welfare support policies for youth, newlyweds, multi-child families, and housing-vulnerable groups, providing a variety of customized housing welfare services that no one is excluded from and anyone can enjoy when needed.

◆ Support for Jeonse Deposit Return Guarantee Fee

As jeonse fraud mainly affects vulnerable groups such as young adults starting their careers and low-income youth, support will be provided for the guarantee fee of the jeonse deposit return guarantee to prevent cases where the jeonse deposit is not returned.

Especially this year, with the revision of the Changwon City ordinance expanding the support target from 150 million KRW to 200 million KRW in jeonse deposits, households with a standard median income of 200% or less will receive up to 510,000 KRW in guarantee fee support.

◆ Support for Monthly Rent and Loan Interest for Jeonse Fraud Victims

For victims of jeonse fraud who urgently need housing, up to 80,000 KRW will be supported for monthly rent paid while residing in emergency housing using LH-owned public rental housing within the jurisdiction. Additionally, interest on low-interest loans for jeonse funds borrowed by victims, such as the Butimok Jeonse Fund Loan (up to 240 million KRW), will be supported up to 340,000 KRW per month.

◆ Expansion of Basic Housing Benefit Support

In 2024, the eligibility criteria for basic housing benefits will be expanded from 47% to 48% of the standard median income. With this expansion, the income limits will be 1,069,654 KRW for a single-person household, 1,767,652 KRW for two-person households, 2,263,035 KRW for three-person households, and 2,750,358 KRW for four-person households.

Accordingly, some households previously restricted from receiving basic housing benefits due to exceeding the recognized income amount in the previous year will be able to receive benefits if they meet the criteria upon reapplication and reassessment.

Housing benefits will be provided within the rent limits of level 3 areas, equivalent to metropolitan cities, with maximum support of 216,000 KRW for single-person households, 240,000 KRW for two-person households, 287,000 KRW for three-person households, and 333,000 KRW for four-person households.

◆ Support for Jeonse Loan Interest for Newlyweds and Multi-Child Families

To reduce housing cost burdens for newlyweds and multi-child families, support will be provided for ‘jeonse loan interest.’

For newlyweds without home ownership, support will be provided up to 1 million KRW within 1.2% of the jeonse loan balance. Families with children will receive an additional 20% per child, up to a maximum of 1.5 million KRW.

Additionally, the ‘Newlywed Housing Purchase Loan Interest Support Project’ will be implemented to support interest on housing purchase loans for newlywed households without home ownership. This project plans to support interest up to 3% of the housing purchase loan balance (up to 50 million KRW), with a maximum annual support of 1.5 million KRW.

The support targets newlywed couples who have purchased and reside in a home in Changwon City and meet all of the following conditions as of the announcement date: residing in the relevant home, married within 5 years, combined annual income of 80 million KRW or less, exclusive area of 85㎡ or less, and housing price of 400 million KRW or less.

For multi-child families, the support target is non-home-owning multi-child households with a standard median income of 180% or less, where both parents and children reside in the region as of the announcement date and have received jeonse loan funds from financial institutions. Multi-child families are defined as those with three or more children under 18 years old, and they can receive support up to 1.5% of the jeonse loan balance, with a maximum of 1 million KRW.

Other programs include ▲ rental deposit support for low-income groups ▲ moving expense support for residents in abnormal housing ▲ housing remodeling projects for the convenience of persons with disabilities.

An Je-moon, Director of the Urban Policy Bureau, said, “We will focus all administrative efforts on expanding and strengthening various housing welfare supports and detailed housing welfare services to make Changwon a more livable city where everyone wants to live.”

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