The city of Seoul is going to help some 2,500 low-income households and another 300 newlywed couples get homes to live in under long-term leases.
In Korea, such leases require a big lump-sum deposit, which can be many times an individual’s salary, so the city is going to provide up to 95 percent of it.
For low-income households, the limit for the total deposit will be about 180-thousand U.S. dollars.
For newlyweds, it has to be under about 490-thousand.
The actual owner of the home will sign the lease with the city, which then sublets the home to the tenant.
The lease is for two years and can be renewed up to nine times if the tenant remains eligible.
Applications will be accepted starting next Wednesday at local community centers.