Busan is good

Busan Expands Comprehensive Housing Support for Independent Youth - MOU Signed for “All-in-One” Housing Assistance Program

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The Busan Metropolitan City (Mayor Park Heong-joon) announced that it signed an MOU at 10:30 a.m. on April 10 in the International Reception Room at City Hall with the Korea Housing Finance Corporation, BNK Busan Bank, and the Busan Social Welfare Community Chest to launch the “All-in-One Housing Assistance for Independent Youth” initiative.

Independent Youth: Individuals who have exited child protection services and are beyond the five-year post-protection period.

This is the first-ever agreement in Busan specifically focused on supporting the housing needs of independent youth.

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MOU Overview

• ●Date/Time & Venue: April 10, 2025 (Thu), 10:30 a.m., 7F International Reception Room, Busan City Hall

• ●Participating Organizations: Busan City, Korea Housing Finance Corporation, BNK Busan Bank, Busan Social Welfare Community Chest

• ●Key Content:

• ○All-in-One Housing Assistance MOU

• ○Jeonse loan interest support (up to KRW 1.5 million for the first year)

• ○Brokerage fee support (up to KRW 300,000), monthly living expenses (KRW 100,000/month for 12 months), and essential item support (up to KRW 500,000)

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Though various policies such as self-reliance settlement funds and allowances are provided to youth exiting child protection services, all support typically ends after five years, leaving many in a vulnerable economic position.

Independent youth in their early twenties, even after the official self-reliance period ends, often face economic and emotional challenges, with housing cited as the most pressing issue.

According to the Ministry of Health and Welfare’s 2023 survey on self-reliance support, the top difficulty experienced by youth after exiting protection was housing (26.9%), followed by lack of money (23.2%).

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To address this, the new initiative is designed to provide practical, early-stage financial support for independent youth, helping them secure stable housing and transition smoothly into society.

The “All-in-One Housing Assistance for Independent Youth” program symbolizes support that is comprehensive (“ALL”) and generous (“多”), covering everything from financial education to living expenses and household essentials.

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Key Program Details

Eligible recipients are independent youth applying for Busan’s “Stay Housing Loan” program. Each person may receive up to KRW 3.5 million in total support.

Supporting Body	Support Provided
Busan City	Jeonse loan and full interest support (3.5% interest for 12 months)
Korea Housing Finance Corporation	Brokerage fee (up to KRW 300,000) and monthly living expenses (KRW 100,000 for 12 months)
BNK Busan Bank	Essential items support (up to KRW 500,000)
Busan Social Welfare Community Chest	Donations and program management support

Applications will be accepted starting May 2025 via the Busan Youth Platform (young.busan.go.kr).

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Background: “Stay Housing Loan” Program (2017–Present)

Criteria	Details
Eligibility	Youth aged 19–39 residing in Busan
Income Cap	Individual: ≤ KRW 60 million / Household: ≤ KRW 100 million
Housing Value	Jeonse deposit up to KRW 200 million
Loan Support	Up to KRW 100 million in Jeonse loan
Interest Support	2–2.5% total (1–1.5% self-pay normally, 0% for independent youth with full support)
2025 Budget	KRW 1.34 billion

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Mayor Park Heong-joon stated:

“This program is more than just housing support—it’s a lifeline that can empower independent youth to build stable lives.
I hope the whole community will come together with warm hearts to be a firm pillar of support for them.
We will continue providing detailed and tailored assistance to help every young person in Busan lead a happy life.”

He also noted:

“Moving forward, we aim to expand this support to other vulnerable youth groups, ensuring no young person in Busan is left behind.
Our vision is a city where each and every young resident can thrive.”