Seongdong-gu Half-Price Dormitory 'Seongdong Hanyang Sangsaenghaksa' Recruiting 21 Students for New Semester

Nationwide First Win-Win Youth Housing Welfare Model 'Seongdong Hanyang Win-Win Dormitory' Recruiting 21 Third-Year Residents... District, LH Corporation, Hanyang University, and Landlords Collaborate Public-Private-Academic Partnership, Supporting Student Households with Half-Price Studios

Seongdong Hanyang Sangsaeng Dormitory

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Won-oh) is recruiting 21 new residents for 2021 for the ‘Seongdong Hanyang Win-Win Dormitory,’ which reduces the housing cost burden for Hanyang University students to about half of the existing one-room rent.

Now in its third year, the ‘Seongdong Hanyang Win-Win Dormitory’ is a youth housing support project that began as a pilot program nationwide in March 2019, and since its inception, a total of 42 youth households have moved in.

The ‘Seongdong Hanyang Win-Win Dormitory’ was established to provide housing stability for students who juggle part-time jobs to cover rent and tuition fees, while guaranteeing stable rental income for livelihood-type landlords around Hanyang University.

The dormitory is operated through cooperation among Seongdong-gu, Korea Land and Housing Corporation (LH), Hanyang University, and landlords. A win-win agreement was made between Seongdong-gu and landlords to lower the monthly rent from the average market rate near Hanyang University?one-room units with a deposit of 10 million KRW and monthly rent of 500,000 KRW?to a deposit of 30 million KRW with monthly rent reduced to 350,000?450,000 KRW.

To reduce the deposit burden on students, LH provides a loan of 29 million KRW at an annual interest rate of 1% using the Housing and Urban Fund, and Seongdong-gu and Hanyang University each support 75,000 KRW monthly, making the total monthly rent support 150,000 KRW.

Residents only need to pay a deposit of 1 million KRW and monthly rent of 200,000?300,000 KRW depending on the exclusive area, plus utility bills, which is about half the average market price for one-room units.

The residence period is one year, from March this year to February next year, aligned with the new semester start. Eligibility criteria include being a recipient of the national scholarship income bracket 0?5 for the first semester of the 2021 academic year, having a minimum scholarship GPA of 2.5 in the final semester, and both parents residing outside the Seoul area.

The Seongdong Hanyang Win-Win Dormitory offers advantages such as lower housing costs compared to nearby one-room market prices and close commuting distance. It also provides more privacy than dormitories, which have curfews and require living with two or more students, resulting in high satisfaction among residents.

Applications are accepted via email (sezzy1@sd.go.kr) from February 1 to 5, and successful applicants will be announced on the 10th.

Jeong Won-oh, Mayor of Seongdong-gu, stated, “The Seongdong Hanyang Win-Win Dormitory has successfully settled after two years of pilot operation. We deeply empathize with the difficulties faced by young people due to high housing costs and will strive to expand the dormitory to further assist youth housing issues.”