Sancheong-gun Supports 'Youth Housing Loan Interest' Assistance

Ordinance Amendment...Reducing Housing and Childcare Cost Burden
County Accelerates Customized Population Growth Policy Implementation

Sancheong County Office Signstone

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, is stepping up support to alleviate the housing cost burden for young people.

On the 29th, Sancheong-gun announced that it will implement the ‘Youth Housing Loan Interest Support Project’ starting next year.

This project supports interest on housing loans for newlyweds, families with children, and relocating households among young people aged 19 to 45. The support covers up to 1.5% of the outstanding loan balance.

Support is available to non-homeowners with a median income of 180% or less who build, purchase, or rent a house with a dedicated area of 85㎡ or less located in Sancheong-gun.

The support amount is up to 1 million KRW per year for newlyweds, 1.5 million KRW per year for families with children, and 500,000 KRW for relocating households. Eligible applicants can apply within 5 years from the reference date. Applications will be accepted at the eup/myeon offices through a public announcement scheduled for March next year.

Additionally, Sancheong-gun is actively addressing the economic burden on child-rearing families and low birthrate issues by revising the ‘Sancheong-gun Population Policy Ordinance’ and the ‘Sancheong-gun Childbirth Encouragement and Newborn Health Insurance Premium Support Ordinance.’

With the revision of the Population Policy Ordinance, the existing criteria for multi-child families will be expanded from three or more children to two or more children to ease economic burdens.

Accordingly, families with two children will also be able to enjoy benefits such as university student living support funds, newborn health insurance premium subsidies, and discounts on fees for cultural and leisure facilities within the region. Furthermore, the criteria for marriage encouragement support payments will be relaxed, and health insurance premium support previously provided for the third or later-born or adopted children will be extended to the second or later-born children.

A county official said, “With this support, young people are expected to improve their quality of life through stable living, and parents will experience reduced child-rearing burdens. We will continue to discover projects suited to local conditions to foster a childbirth-friendly environment.”