Implementation of the Lifelong Together Project for Housing Stability Support for Youth in Busan City
Busan City has announced a new policy to stabilize youth housing. This initiative targets single young people under 39 years of age and newlyweds within 7 years of marriage living in public rental housing in Busan, providing monthly rent support and long-term benefits upon childbirth.
Busan City is promoting this initiative to create a city where young people want to live. This will become a key policy of the "Wave of Housing Innovation, 5 Key Tasks for Happy Housing" announced in November 2024. Such policies are expected to contribute to stabilizing youth housing and improving their quality of life.
Overview of the Project and Eligibility
This project targets residents of public rental housing located in Busan City, including single young people and newlyweds within 7 years of marriage. For young people, households with an average monthly income below 60% of the city’s worker household income from the previous year are eligible. For newlyweds, the income criterion is set at 80% or below.
Application eligibility can be verified through the health insurance premium notification amount for each household, and benefits can only be received if the income requirements are met. However, households receiving similar supports such as housing allowances or participating in the city's Lucky 7 House project, or those owning a house (including occupancy rights and ownership rights) are excluded from eligibility.
Through these criteria, Busan City aims to enhance the housing stability of youth and newlyweds.
Detailed Explanation of Applicants and Eligibility Criteria
Eligible applicants are single young people (aged 19 to 39) living in Busan City's public rental housing and newlyweds within 7 years of marriage. In this case, young households can apply even if they have registered children, but it is essential that they are not currently married. For newlyweds, income is calculated based on the health insurance premium notification amount of the spouse with the lower income in case of dual-income, and the presence of registered direct descendants affects their income.
Eligibility criteria are set based on health insurance premium notification amounts, with amounts of 74,118 KRW for workplace subscribers, 17,116 KRW for local subscribers, and 74,444 KRW for mixed subscribers being applicable. If these criteria are met, the applicant is eligible to apply for the program. Therefore, applicants must check their health insurance premium notification amount and review their eligibility thoroughly.
For newlyweds, health insurance premiums are charged variably according to the number of household members. For 2 members, workplace insurance is 154,353 KRW, local insurance is 90,811 KRW, and mixed insurance is 156,003 KRW.
This criterion is used as an objective method to evaluate household income. In addition to health insurance premium notification amounts, additional factors such as the status of ending child protection may also determine eligibility for support.
If applicants do not meet the income criteria or are already receiving other housing support benefits, their applications may be restricted, so caution is needed. Therefore, it is important to thoroughly check and prepare the required documents.
Application Method and Support Process
The application for housing cost support for youth begins in Busan Metropolitan City. The application period runs from March 10 to 21, and interested parties can search for 'Busan Metropolitan City Lifelong Together Youth All Housing Cost Support (Targeting Public Rental Housing Residents)' on the Government 24 website (www.gov.kr).
For more detailed application methods and required documents, please check the announcement page on Busan City's website (www.busan.go.kr/nbgosi). Moreover, if you have any questions, you can contact the city’s 120 Call Center (☎ 051-120) for detailed guidance.
Support amounts are based on the rent specified in the public rental housing lease contract signed by the tenant minus a personal burden of 30,000 KRW. This support will be deposited quarterly into the applicant's personal account, significantly reducing their economic burden through monthly rent support.
Support Details and Precautions
Youth can receive monthly rent support benefits for up to 6 years, and newlyweds can receive such benefits for up to 7 years.
Additionally, if children are born or adopted after moving in, support for 1 child can last for up to 20 years during the public rental housing period, and support for 2 or more children can be lifelong.
Such child support benefits are expected to greatly assist in stabilizing the housing and living conditions of young people.
The project selection will consider various factors including income criteria and the status of ending child protection. In case of a high number of applicants, priority will determine the beneficiaries, so it is essential to prepare the necessary documents thoroughly when applying.
Through this policy, Busan City supports youths to reside stably in Busan, which is expected to positively impact the city's competitiveness.
Conclusion
The 'Lifelong Together Project for Youth' promoted by Busan City is an important policy for stabilizing youth housing.
This project provides monthly rent support for single young people and newlyweds within 7 years of marriage and offers long-term support benefits for childbirth. Such support helps alleviate housing burdens for young people and contributes to establishing a stable foundation for settling down in Busan.
This project is expected to play a significant role in helping young people plan their future without housing worries.
#Busan City, #youth, #housing stability, #public rental housing, #all youth, #lifelong together, #project implementation, #eligibility criteria, #income requirements, #newlyweds, #rent support, #20 years for 1 child, #lifelong support for 2 children, #housing innovation, #happy housing, #youth policy, #Busan youth, #rental housing support, #housing cost support, #Busan Urban Corporation, #application method, #Government 24, #health insurance premiums, #housing policy, #youth support, #pilot project, #2030 strategy, #policy support, #Busan housing, #housing welfare, #youth policy support
