Jeongeup-si Promotes 'Population Increase Policy'... Expansion of Housing Loan Interest Subsidies

Jeongeup City in Jeollabuk-do will actively expand its population increase policies starting next year to respond to the deepening population decline and the crisis of local extinction.

On the 24th, the city announced that it will increase the housing loan interest subsidy, which supports the influx and settlement of the younger generation, from a maximum of 1 million KRW (1% of the loan balance) to 3 million KRW (2% of the loan balance).

Jeongeup City Hall. [Photo by Jeongeup City]

Additionally, the support will no longer be limited to housing jeonse (long-term deposit lease) funds but will be expanded to include both jeonse funds and purchase funds. Along with this, the support period will be extended from 5 years to 10 years, and the eligible recipients will be expanded from newlyweds to youth (aged 18 to 45) and newlyweds.

To alleviate the housing cost burden of local university students and create a stable living environment, a new ‘Housing Cost Support Project for Transferred University Students’ will also be launched.

This project provides partial support for housing rental costs to students residing in the area to practically assist them and encourage regional settlement. It offers up to 500,000 KRW annually to 100 enrolled students who have their resident registration in Jeongeup as of the application date and maintain continuous resident registration in Jeongeup for more than six months.

In addition, the city will continue to promote the ‘Family-Friendly Cultural Program’ for newlyweds and prospective couples, as well as the ‘Relocation Support Fund Payment Project,’ which has been expanded to 150,000 KRW per person since July this year.

Mayor Lee Hak-su said, “We will continue to actively promote various population policies to increase population through marriage, education, childbirth, and relocation, helping young people settle in the region and making Jeongeup a better city to live in.”

Jeongeup = Asia Economy Honam Reporting Headquarters, Reporter Kim Jae-gil baekok@asiae.co.kr