Busan Launches 'Lifelong Together Youth Everyone Housing' Project
Public Rental Housing Support for Single Young People and Newlywed Couples Within 7 Years of Marriage
Starting with 1,000 Households This Year, Targeting 10,000 by 2030
The 'Generous' policy supporting housing costs for young people will be implemented in Busan starting this year.
Busan City (Mayor Park Hyung-jun) announced on the 24th that it will carry out the 'Lifelong Together Youth Everyone (家) Housing Cost Support Project,' which provides monthly rent support so that single young individuals living alone and newlywed couples within seven years of marriage residing in public rental housing can live without worrying about housing.
This project is implemented as one of the 'Five Key Tasks for Happy Housing, a Wave of Housing Innovation,' announced by Busan City last November, aiming to solve housing problems, which is one of the reasons young people leave Busan, and to create a 'city where young people want to stay.'
The target beneficiaries are single young households with monthly average income at or below 60% of the previous year's urban worker household size and newlywed couples within seven years of marriage with monthly average income at or below 80%, residing in public rental housing in Busan. Eligibility can be confirmed through the household's health insurance premium notice.
However, households receiving similar benefits such as housing benefits or Busan City's Lucky7 House Project, or those owning housing including occupancy rights or pre-sale rights, are excluded. If there are many applicants, recipients will be selected based on priority criteria such as income level and whether they are protection-terminated children (within five years after protection termination).
The support period is up to six years for youth and up to seven years for newlywed couples. If a child is born or adopted after the announcement date of February 24, one child will receive monthly rent support for up to 20 years during the public rental housing occupancy period, and two children will receive lifelong monthly rent support.
The monthly rent supported by the city is the amount excluding the tenant's personal burden of 30,000 KRW from the monthly rent stated in the most recent public rental housing lease contract before February 23 of this year, and it will be deposited quarterly into the applicant's personal account.
Busan City will start a pilot project targeting 1,000 households this year. In the future, the selection criteria and supported households will be expanded, with plans to select and support a total of 10,000 households by 2030.
The application period is from March 10 to 21, and applications can be made by searching for 'Busan Metropolitan City Lifelong Together Youth Everyone Housing Cost Support (for public rental housing residents)' on the Government24 website.
Detailed information on application methods, eligibility requirements, and required documents can be found in the public notice on the Busan City website, and inquiries can be made by calling the city’s 120 call center.
From March, Busan Urban Corporation plans to supply a total of 235 units of integrated public rental housing and purchased rental housing for young people and newlywed couples wishing to move into public rental housing. If they move into these houses, Busan City will support the rent in the same way as the Lifelong Together Youth Everyone Housing Cost Support Project.
Details such as schedules related to the supply of new units can be checked later on the Busan Urban Corporation website.
Mayor Park Hyung-jun of Busan said, “We will promote various policies so that young people can live stably without worrying about housing costs throughout their lives.”
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