Gwangjin-gu to Provide Seoul Sarang Gift Certificates for Good Landlord Win-Win Agreements

Stores with a Converted Deposit of 900 Million KRW or Less That Signed a Rent Reduction Win-Win Agreement to Receive Up to 1 Million KRW in Seoul Love Gift Certificates Annually Based on Total Reduction Amount

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seon-gap) will select 'Good Landlords' who voluntarily reduced rent for tenants struggling with decreased sales due to COVID-19 and provide Seoul Love Gift Certificates worth up to 1 million KRW, which can be used like cash.

The eligible landlords are those with converted deposit amounts of 900 million KRW or less who have signed a win-win agreement with tenants regarding rent reduction.

The payment range is based on the total annual rent reduction amount: 300,000 KRW (for 1 million KRW or more but less than 5 million KRW), 500,000 KRW (for 5 million KRW or more but less than 10 million KRW), and 1 million KRW (for 10 million KRW or more).

If one landlord has signed win-win agreements with multiple tenants, the total reduced rent amount will be summed up to determine the gift certificate payment.

Landlords wishing to participate in the 'Good Landlord Support Project' should submit application documents to the Gwangjin-gu Office Regional Economy Division from February 15 to March 31 after signing a rent reduction win-win agreement for rent paid in 2021.

The required documents include the application form, win-win agreement, a copy of the lease contract, and a copy of the tenant's business registration certificate. Once eligibility is confirmed, payments are scheduled for April.

For further inquiries, please refer to the public notices on the district office website.

Additionally, the district supports landlords participating in the good landlord win-win cooperation movement by subsidizing elevator self-safety inspection fees up to 100,000 KRW per month for a maximum of three months, and also provides financial support under the 'Gwangjin-type Small Business Landlord' program.

The 'Gwangjin-type Small Business Landlord' financial support program offers loans up to 20 million KRW with an approximate interest rate of 1.2% (variable rate) and covers one year of interest and guarantee fees for local small business landlords who also engage in real estate leasing and have reduced their building store rent by 10% or more since March of last year or have signed rent reduction agreements.

Kim Seon-gap, Mayor of Gwangjin-gu, said, "Both landlords and tenants are going through difficult times due to the prolonged COVID-19 pandemic. We hope that this Good Landlord project will foster a voluntary win-win atmosphere between landlords and tenants so that we can overcome these challenging times together."