The Seoul Metropolitan Government has announced its open call for applicants for “Public Housing with Deposit Support” for 2020 to improve housing security for low-income households receiving basic livelihood security funds and single-parent households as well as newlyweds. Of the total 2,800 beneficiaries, the support will provide 2,500 spots are for low-income households and 300 for newlyweds.
Beneficiaries of Seoul’s “Public Housing with Deposit Support” may choose a house in which they want to live and apply for the service to the Seoul Housing & Communities Corporation, which will then check where the house can be rented based on the long-term lease and make a contract with the owner to put the house to lease at a lower price for the beneficiaries.
The Seoul Housing & Communities Corporation supports up to KRW 90 million and up to 95% of the monthly or long-term rent at low interest for each household earning low income, and the tenant should pay the rest 5% as a deposit. If the rent exceeds KRW 90 million, the gap should be paid by the tenants.
Eligible applicants are individuals living in Seoul as of June 1, 2020. Applicants’ addresses must be registered in the target area (each autonomous district) and homeowners will not be eligible to apply. Out of the 2,800 beneficiaries, Seoul will select 2,500 individuals from low-income or single-parent households and 300 newlyweds. For balanced distribution among regions, the city will consider the last year’s distribution throughout autonomous districts.
Applicants can apply for the service when they want to live in a house covering 85 m2 or less (60 m2 or less for a single-person household). For the types of lease, both full-deposit and deposit-plus-rent leases will be allowed. For low-income households, the total must not exceed KRW 225 million (KRW 300 million for newlyweds type I, KRW 600 million for newlyweds type II). The term of the rent will be 2 years and the term can be extended up to 9 times, which means you can benefit from the service for up to 20 years. (Newlyweds II can renew the contract up to twice and if they have children additional twice, which means up to for 10 years.) Each renewal will require tenants to meet certain qualifications.
The application will be available from Wed, Jun. 10 to Fri, Jun. 19, 2020 at a community service center of the autonomous district in which your address is registered. Selected beneficiaries will be announced within about three months after the final day of application on the website of the Seoul Housing & Communities Corporation and a direct message will be sent to each selected beneficiary.