'Up to 60 Million Won Interest-Free Support'... Seoul City Recruiting for Long-Term Security Deposit Support Housing

The Seoul Metropolitan Government is recruiting 6,000 households for its 'Long-Term Security Deposit Support Housing,' a program that provides interest-free loans of up to 60 million won for monthly or yearly rental deposits to help reduce housing costs for citizens without homes.

According to the city on December 16, this recruitment includes 5,350 units for general applicants, 500 units for newlyweds under a special supply category, and 150 units for multi-generational households under another special supply category. The 500 units for newlyweds are linked to the 'Mirinae House (Long-Term Jeonse II)' program.

The Long-Term Security Deposit Support Housing program is a public rental housing initiative in which the city provides interest-free loans for up to 10 years, covering 30% of the deposit (up to 60 million won) when citizens find a private rental with a deposit of 490 million won or less. For deposits of 150 million won or less, the city supports up to 50% of the deposit (up to 45 million won).

Residents of the Mirinae House-linked Long-Term Security Deposit Support Housing who have children after moving in can apply to transfer to the 'Mirinae House' after living there for 10 years. If they have two or more children, they are granted priority purchase rights.

Starting this year, the city has relaxed the income criteria for newlywed applicants to 180% or less of the median income for dual-income households (about 10.4 million won for a two-person household). Households that have children while residing in the program will be exempt from income and asset reviews at the time of contract renewal.

The recruitment notice will be posted on December 17, and those wishing to apply can do so online through the Seoul Housing & Communities Corporation (SH) website from December 29 to 31. The final list of eligible residents will be announced on March 19 of next year after a qualification review.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "Since 2012, the Long-Term Security Deposit Support Housing program has been a practical housing welfare initiative aimed at easing the housing cost burden for low- and middle-income citizens. As loan conditions for ordinary citizens have recently worsened, making it more difficult to secure funds, we will strive to ensure this program serves as a reliable safety net and a tangible solution for our citizens."