From next year, university students from low-income families will be able to stay at government-leased housing at a 30 to 50 percent lower price than alternative accommodation, the Seoul Metropolitan Government said Monday.
City Hall has bought 61 residential houses near Yonsei and Korea universities and plans to lease them to students from less affluent families.
Tenant will have to pay a 1 million won deposit with the monthly rate set at around 30 to 50 percent of the average of other nearby housing.
A lease is valid for two years with the option of a two-year extension. City officials will receive applications from Jan. 4 through Jan. 30.
The Ministry of Land, Transport and Maritime Affairs, the co-sponsor of the program, said it would also support the program first in Seoul and then expand it to other cities.
This program comes as the number of cheap housing units near university campuses has decreased due to the city government's "New Town" redevelopment and other projects.
bjs@koreatimes.co.kr
