This file photo shows a residential area of the eastern Seoul ward of Gwangjin. (Yonhap)
SEOUL, April 22 (Korea Bizwire) — The government has announced that it will extend financial support to reduce the monthly rent payment burden for low-income young adults.
The Ministry of Land, Infrastructure and Transport on Thursday held a consultative meeting with the Office for Government Policy Coordination and the Ministry of Health and Welfare and gave a briefing on the details of the project to municipal governments.
Low-income young adults eligible for financial assistance are those between 19 to 34 years of age who do not own their homes and live separately from their parents. Both married and single adults can benefit from financial support.
For those who live in housing with a deposit of less than 50 million won and monthly rent of less than 600,000 won, the government will provide financial support of up to 200,000 won (US$161) per month for up to 12 months.
The households eligible households should have incomes lower than 60 percent of the median and the amount of property they have should be less than 107 million won.
The original families, including parents, also should have incomes lower than 100 percent of the median, and the amount of property they have should be less than 380 million won.
The ministry estimated that the number of low-income young adults who are eligible for financial assistance would be about 152,000.
J. S. Shin (js_shin@koreabizwire.com)
