Jeonnam Gwangju Integrated Special City to Recruit 30 More for Youth Rental Deposit Interest Support Program

Online Applications Accepted from July 6 to 15

Jeonnam Gwangju Integrated Special City will recruit an additional 30 new recipients for the second half of the year for its housing rental deposit interest support program, aiming to ease the burden of monthly and yearly rent costs for young people. The city has relaxed the income and rental deposit requirements to expand eligibility, and applications will be accepted online from July 6 to July 15.

On July 5, Jeonnam Gwangju Integrated Special City announced that it would be recruiting additional new tenants for the second half of the year under the “Youth Customized Housing Rental Deposit Interest Support Program.”

This program is designed to help young people secure housing funds by supporting a portion of the interest on loans for rental deposits, whether monthly or yearly. Once Jeonnam Gwangju Integrated Special City selects eligible applicants, Gwangju Bank provides the loans, and the Korea Housing Finance Corporation offers a full guarantee on the loans.

Originally, recruitment for new recipients this year was scheduled to be completed in the first half, but in response to demand, the city decided to select an additional 30 recipients within the existing budget.

On the first day of the launch of Jeonnam Gwangju Integrated Special City on the 1st, the signboard at the Gwangju government building was changed from Gwangju Metropolitan City Hall to Jeonnam Gwangju Integrated Special City Hall. Photo by Yonhap News Agency

Starting with this additional recruitment, eligibility requirements will be eased. The annual income limit for employees and business owners has been raised from 45 million won or less to 50 million won or less, and the combined annual income limit for couples has been increased from 60 million won or less to 80 million won or less. The rental deposit limit has also been raised from 200 million won or less to 250 million won or less. University students and job seekers are eligible to apply if their parents’ annual income is 70 million won or less.

Eligible applicants are unmarried young people aged 19 to 39 who, as of the announcement date, reside in one of the five autonomous districts of Gwangju. The maximum loan amount is up to 100 million won, covering up to 90% of the rental deposit, and Jeonnam Gwangju Integrated Special City will subsidize 2.0% out of the 2.5% interest rate. The loan term is up to two years, with a one-time extension of up to two additional years possible.

However, this additional recruitment is limited to young people residing in the Dong, Seo, Nam, Buk, and Gwangsan districts, which are the former administrative districts of Gwangju Metropolitan City, and is only applicable to housing located in those areas. Recipients of housing benefits and those participating in other government or public housing support programs are not eligible to apply.

Applications can be submitted online via the “Jeonnam Gwangju Youth Integration Platform.”

This content was produced with the assistance of AI translation services.