Monthly Rent '10,000 Won' Youth and Newlywed Housing Emerges

Launch of the 1st Community Contribution Project Utilizing Profits from Dongjak Co., Ltd. Korea
Establishing a Virtuous Cycle System for Youth Independence through Employment and Entrepreneurship

Dongjak-gu (Mayor Park Il-ha) will alleviate the housing cost burden of vulnerable young residents through the first contribution project utilizing the profits of ‘Daehanminguk Dongjak Corporation,’ an investment institution established by the district.

‘Daehanminguk Dongjak Corporation,’ launched in October 2022, is an innovative growth investment company that creates sustainable future value for Dongjak-gu. It generates profits through core policies such as urban maintenance support and various job projects for youth and middle-aged residents.

For the first time since its establishment, the corporation will return its profits to enhance the welfare of district residents and realize stable housing by donating in the form of a designated trust in cooperation with the Dongjak Welfare Foundation and the Community Chest of Korea.

The donation amount totals 30 million KRW, targeting low-income youth and other housing-vulnerable residents. After Daehanminguk Dongjak Corporation submits a designated trust application to the Dongjak Welfare Foundation, the project will proceed following the review by the Community Chest of Korea.

Through this, the district plans to link the local contribution donation from Daehanminguk Dongjak Corporation to enable residents of the ‘Yangnyeong Youth Housing,’ scheduled to move in at the end of this month, to pay only 10,000 KRW per month in rent.

This rent is approximately less than 10% of the monthly rent of existing public rental housing, and the deposit will also be set at an affordable amount.

Yangnyeong Youth Housing is a residence directly built and operated by the district, developed on a site that was formerly a public parking lot, with a total of 36 units.

Additionally, to support the independence of youth residents, a ‘Youth Council’ will be formed, providing meetings and programs linked to employment and entrepreneurship education to establish a virtuous cycle system.

In the future, the district plans to expand rent support projects for housing-vulnerable groups targeting low-income youth and newlyweds in public rental housing directly operated and supplied by Dongjak-gu.

Park Il-ha, Mayor of Dongjak-gu, stated, “This donation by Dongjak Corporation is a meaningful step that greatly benefits residents as a local investment institution that must pursue both profitability and public interest.” He also emphasized, “Going forward, the district will make every policy effort to alleviate the housing cost burden of homeless youth and ensure benefits reach local residents.”