Support for first 2 years, up to 6 years within 7 years of marriage
Additional 0.8-1.0% interest support for newborn special loans also provided
Incheon City will provide newlyweds with 'Cheonwon Housing,' where the daily rent is 1,000 won.
On the 9th, Yoo Jeong-bok, Mayor of Incheon, announced the 'i+ House Dream' policy to overcome low birth rates and solve housing problems for newlyweds.
Starting next year, Incheon City plans to supply 1,000 units of 'Cheonwon Housing,' which rents public rental housing purchased by the city or jeonse rental housing directly selected by tenants at a daily rent of 1,000 won (30,000 won per month).
Cheonwon Housing will be supported for up to 2 years initially and up to 6 years maximum for prospective newlyweds or newlyweds within 7 years of marriage. The housing area is limited to 65㎡ or less for couples without children, 75㎡ or less for couples with one child, and 85㎡ or less for couples with two or more children. The daily rent is only about 4% of the average monthly rent of 760,000 won for private housing.
Incheon Mayor Yoo Jeong-bok is announcing the Incheon-style low birthrate housing policy 'i+Jip dream,' including the supply of newlywed couples' housing for 1,000 won, at the city hall briefing room on the 9th. [Photo by Incheon City]
Along with this, a loan interest support project will be promoted to help households with children purchase their own homes. The city plans to separately support interest of about 0.8 to 1.0% in connection with the government-supported Newborn Special Didimdol Loan (interest rate 1.6?3.3%), lowering the overall interest rate to about 1%.
The support target is households giving birth from 2025 onwards, with interest support of 0.8% for one child and 1% for two or more children within a maximum loan amount of 300 million won. Up to 3 million won per year can be supported, and support lasts up to 5 years. The income criteria are the same as for the Newborn Special Didimdol Loan, and the combined annual income limit for couples is expected to be expanded to 250 million won starting next year.
Incheon City plans to strongly promote policies to respond to low birth rates by creating a dedicated organization in line with the central government's establishment of the Population Strategy Planning Department to stably implement low birth rate and housing policies.
Previously, the city prepared and is implementing the '100 Million Plus i Dream' policy, which provides a total of 100 million won in support from birth to age 18 by adding about 28 million won in additional support to the existing 72 million won in childbirth and childcare-related subsidies.
Mayor Yoo pointed out the clear limitations of innovation by local governments alone while announcing Incheon City's housing policy and strongly urged a shift in housing policy at the central government level.
He proposed pursuing housing policies based on the concept of residence rather than ownership, including expanding national funding support to alleviate housing cost burdens, establishing a low birth rate countermeasure fund, introducing long-term mortgages of 40 to 50 years, and expanding the supply of public rental housing.
Mayor Yoo said, "I will actively recommend to the government that Incheon's proactive housing policy for newlyweds be linked to national birth promotion measures and that a comprehensive national low birth rate countermeasure be prepared," adding, "We will continue to take the lead in overcoming low birth rates and prepare various policies beyond childcare and housing to address this issue."
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