Donghimang Welfare Committee and beneficiaries each contribute 10,000 KRW monthly to Housing Subscription Savings Account
As of last month, recruitment of 32 participants for the 5th Housing Subscription Savings Matching Project completed
Dongdaemun-gu, Seoul (District Mayor Lee Pil-hyung) has been implementing the ‘Housing Subscription Savings Matching Project’ since 2015 to ensure housing stability and self-reliance for vulnerable housing groups.
The ‘Housing Subscription Savings Matching Project’ is a program where low-income, homeless household heads deposit 10,000 KRW each month into a district-named account, and after the district verifies the deposits, it contributes 20,000 KRW to each welfare recipient’s individual housing subscription savings account for 24 installments over 2 years.
This project is funded by the ‘Dong Hope Welfare Committee’ fund, which was established to overcome the limitations of public resources and independently resolve welfare issues within the community. The district successfully completed the 4th round (Jan 2022?Dec 2023) of the housing subscription savings matching project last year and recruited 32 participants for the 5th round at the end of last month.
Up to last year, 197 households participated, and 108 households completed all 24 installments, enabling them to receive 3 points when applying for rental housing in the future. Even participants who dropped out midway can rejoin and receive additional support up to 24 installments.
Lee Pil-hyung, Mayor of Dongdaemun-gu, said, “I hope this project helps establish a foundation for self-reliance among vulnerable housing groups and supports them in maintaining a stable life. We will continue to prepare various projects that can serve as a strong support for vulnerable groups to stand up.”
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