Gyeonggi Province promotes tenancy bond subsidy initiative in Pangyo Techno Valley

Gyeonggi Province promotes tenancy bond subsidy initiative in Pangyo Techno Valley

Gyeonggi Province, in collaboration with the Gyeonggido Business & Science Accelerator, is launching the “2022 Pangyo Techno Valley Tenancy Bond Subsidy Initiative” to promote the residential settlement of those employed in Pangyo Techno Valley.

This provincial initiative supports up to KRW 30 million of the value of rental bonds at zero interest to improve the work-life balance of long-distance commuters. Any non-home-owning officetel (studio apartment) tenant working in small and medium-sized enterprises situated in the 1st and 2nd Pangyo Techno Valleys who is up to 39 years of age is eligible for the subsidy. Assistance is provided for leasing a residence with a rental bond of KRW 300 million or less.

@Gyeonggi Province

Simply put, when those working in Pangyo Techno Valley relocate to Gyeonggi Province, interest-free rental bond support of up to KRW 30 million is provided per unit. The subsidy is supported for a two-year period and can be extended once so beneficiaries can enjoy a total of four years of interest-free financial assistance. Up to 10 units are subsidized for each company on a first-come, first-served basis until the entire KRW 900 million budget is exhausted – so those interested should apply quickly!

Public rental homes are not eligible as they have already been financed by the provincial or local government.

Beneficiaries should return the rental bonds to the Gyeonggido Business & Science Accelerator upon the expiration of their lease. They do not need to pay a warranty bond insurance fee as it is also subsidized by the province.

@Gyeonggi Province

From 2016, Gyeonggi Province has sponsored tenancy bonds valued at a total of KRW 4.74 billion for 264 beneficiaries from 111 companies. Last year alone, the province subsidized KRW 1.12 billion for 40 individuals from 15 companies in Pangyo Techno Valley.

This year, however, is different: the subsidy is provided in accordance with the actual lease period instead of the lease contract date, and people can only apply when the lease period falls in 2022.

@Gyeonggi Province

We are confident that the tenancy bond subsidy initiative will improve the working environment for Pangyo Techno Valley employees and attract more talent to the province.

-Application

Refer to the Pangyo Techno Valley website (www.pangyotechnovalley.org) and submit the required documents via mail to the Cluster Fostering Team of the Department of Innovation Cluster, Gyeonggido Business & Science Accelerator (+82-31-776-4826)