Seoul City to Provide Up to 60 Million Won Deposit Support for Homeless Tenants... Up to 10 Years

Recruitment of 2,500 Homeless Citizens and Newlyweds
Support of 30% of Jeonse/Monthly Rent Deposit, up to 45 Million KRW... 60 Million KRW for Newlyweds
Applications Accepted from 15th to 19th... Announcement on 30th Next Month

[Asia Economy Reporter Kim Hyemin] The Seoul Metropolitan Government announced on the 1st that it will newly recruit 2,500 tenants for the 'Deposit Support Long-term Safe Housing' program, targeting homeless citizens and newlyweds.

The 'Deposit Support Long-term Safe Housing' is a public rental housing program by the Seoul Metropolitan Government that supports part of the deposit for monthly rent tenants to find and live in housing in their desired area, thereby reducing the burden of housing costs.

If the monthly rent deposit exceeds 100 million KRW, 30% of the deposit can be supported interest-free for up to 10 years, with a maximum of 45 million KRW. If the deposit is 100 million KRW or less, 50% support is available. Newlyweds can receive deposit support up to 60 million KRW.

Especially from this year, it has become possible to apply for the Buttress Loan on monthly rent deposits conducted by the Housing and Urban Guarantee Corporation (HUG).

Eligible applicants are homeless household members residing in Seoul as of the announcement date (2nd), with a monthly average income of 100% or less of the urban worker household standard (7.09 million KRW for a family of four). For the special supply for newlyweds, 120% or less applies. Owned real estate must be 215.5 million KRW or less, and automobiles must have a current value of 27.97 million KRW or less.

Eligible housing includes pure jeonse (lump-sum deposit lease) houses and monthly rent houses with deposits. The deposit limit for single-person households is a total of 290 million KRW or less for pure jeonse or the basic deposit plus jeonse conversion deposit for monthly rent. For households of two or more, the maximum is 380 million KRW. The exclusive area of the eligible housing is 60㎡ or less for single-person households and 85㎡ or less for households of two or more.

The lease contract is signed jointly by the housing owner, tenant, and Seoul Housing and Communities Corporation as co-lessees, with the deposit being supported. Contracts are possible even if the tenant is already residing in a house that meets the criteria. Support is available for up to 10 years with renewals every two years, and brokerage fees payable by the landlord are covered by city funds.

Those wishing to apply can do so from the 15th to the 19th via the Seoul Metropolitan Government and Seoul Housing and Communities Corporation websites. To prevent the spread of COVID-19, applications will be accepted online only. The selected tenants will be announced on April 30. Of the total, 20%, or 500 people, will be selected under the special supply for newlyweds.

For more details, inquiries can be made through the Seoul Housing and Communities Corporation (SH) call center (1600-3456) or by referring to the announcements on the Seoul Housing and Communities Corporation website.