Seoul, South Korea – In a bid to combat the declining birthrate, the Seoul Metropolitan Government has announced a new housing support program for low-income families with newborns. Starting this year, eligible families will receive a monthly housing subsidy of 300,000 won (approximately US$225) for two years.

The "Housing Support Program for New Parents in Homeless Households" is a key component of the city's "Birth Encouraging Seoul Project" Season 2. This initiative aims to alleviate the financial burden faced by new parents, particularly those struggling with housing costs.

Eligibility and Benefits To qualify for the program, families must meet the following criteria:

Residency: Must be a resident of Seoul.
Housing: Must be a renter and not own a home.
Income: Household income must be below 180% of the median income.
Housing Cost: The rented property must have a monthly rent of 1.3 million won or less, or a deposit of 300 million won or less.
Housing Type: Excludes public rental housing units provided by the Seoul Housing Corporation (SH) and the Korea Land and Housing Corporation (LH).
Duration: Benefits are provided for two years, contingent on maintaining eligibility.
Families with multiple children or those who have additional children during the support period may be eligible for extended benefits.

Application Process

Applications will be accepted from May to July through the "Umppa All-in-One Key" portal (umppa.seoul.go.kr). Applicants will need to prepare documents such as a notarized lease agreement. The city plans to announce the final list of beneficiaries in October following a review process.

Addressing the Housing Crisis

Seoul has been grappling with a severe housing shortage and high property prices, which have contributed to a decline in the birthrate. By providing financial assistance for housing, the city aims to encourage young couples to start families and remain in Seoul.

[Copyright (c) Global Economic Times. All Rights Reserved.]