Housing Stability Expected for Unmarried Youth Aged 19 to 34 Without Homes
Yeongju City, North Gyeongsang Province (Mayor Park Namseo) has been implementing the '2nd Temporary Special Support Project for Youth Monthly Rent' since February 26 this year to alleviate the housing cost burden for young people facing economic difficulties.
This project, which provides up to 200,000 KRW per month for up to 12 months to young residents in the area, was first launched in August 2022 to promote housing stability for the youth.
Compared to the first phase of the project (2022-2023), the second phase has removed the requirements for lease deposit and monthly rent standards, while making subscription to a housing subscription savings account mandatory. In addition, beneficiaries of the first phase are also eligible to reapply for the second phase.
The eligible recipients are unmarried youth aged 19 to 34 who live separately from their parents and do not own a home. The youth household's income must be at or below 60% of the median income, with total assets not exceeding 122 million KRW. For the original household including parents, the income must be at or below 100% of the median income, and total assets must not exceed 470 million KRW.
Applicants should prepare the application form, lease contract, monthly rent transfer proof documents, a copy of their bankbook, a copy of their housing subscription savings account, and a certificate of family relations, and submit them in person at the administrative welfare center of their local town, township, or neighborhood, or apply online via Bokjiro by February 25, 2025.
A city official stated, "We hope this youth monthly rent support project will help reduce the financial burden on our city's youth and support their job-seeking, entrepreneurship, and social activities," and added, "Since this project helps reduce housing costs, we encourage all eligible youth to apply as soon as possible."
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