700 units to be supplied from 2027 to 2030… Residents pay only 30,000 won per month
Initial 2-year support with extensions up to 6 years… Additional 2 years granted per child

In an effort to alleviate the housing cost burden on youths and newlyweds and help them settle in the region, Jeonbuk Special Self-Governing Province is launching a project to supply 700 units of "1,000-Won Housing."

The provincial government announced on the 30th of last month that it will supply 700 units of "1,000-Won Housing" targeting youths and newlyweds over a four-year period from next year through 2030 to resolve housing cost issues among the younger demographic.

"1,000-Won Housing" is a housing support project where rental housing secured by the Jeonbuk Development Corporation and local cities and counties is provided to youths and newlyweds, allowing residents to pay a monthly rent of just 30,000 won—roughly equivalent to 1,000 won per day.

Under this system, the provincial government and local municipalities cover the remainder of the actual rent excluding the resident's 30,000-won share, thereby lowering the housing costs felt by residents.

Through this initiative, the province aims to help youths and newlyweds build a foundation for life and design their futures without spending a significant portion of their income on rent, while establishing a housing foundation that encourages them to put down roots in the region.

A total of 48.8 billion won will be invested in the project, comprising 20.6 billion won in national funds, 24.8 billion won in local funds, and 4.4 billion won from the Jeonbuk Development Corporation. Of this amount, 45.9 billion won will be spent on purchasing housing, while the remaining 2.9 billion won will be used to subsidize residents' rent.

The supply volume totals 700 units, consisting of 267 rental units already owned or purchased by local cities and counties, and 433 newly acquired units.

The 433 newly acquired units will be secured by utilizing the Ministry of Land, Infrastructure and Transport's public purchase housing supply program.

The provincial government plans to work with local municipalities and the Jeonbuk Development Corporation to examine regional housing demand and housing conditions to discover properties that can be utilized as 1,000-Won Housing.

In particular, the province intends to develop 1,000-Won Housing beyond a simple low-cost rental supply into a comprehensive housing welfare policy that supports youths and newlyweds as they live in the region and prepare for tomorrow.

The standard rental support period is set at an initial 2 years, with extensions possible up to 6 years. Households that give birth to a child will receive an additional 2 years of support per child, allowing them to reside for up to 10 years.

Prior to full-scale supply next year, the province will enter preliminary preparations starting this year. First, by the end of October, it will survey the residential demand of youths and newlyweds targeting cities, counties, and the Jeonbuk Development Corporation, and formulate regional housing acquisition and supply plans.

In addition, the province plans to establish operational guidelines containing detailed criteria such as resident selection, rent support, and support periods to lay the foundation for the project. By December, it will amend the "Jeonbuk Special Self-Governing Province Ordinance on Housing Support for Low-Income Classes, Youths, and Newlyweds" to secure the necessary institutional basis for rent support and public notices of support plans.

Choi Jung-il, Director-General of the Construction and Transportation Bureau, stated, "The 1,000-Won Housing project is designed to substantially lower the housing cost burden most heavily felt by youths and newlyweds to help them settle locally. Moving forward, we will continue to discover and promote diverse housing support policies so that young people do not leave Jeonbuk due to housing problems, but instead work, marry, raise children, and securely put down roots here."

[ⓒ Global Economic Times. 무단전재-재배포 금지]