Yongin City Signs Memorandum of Understanding to Support Youth Startup Housing

[Suwon Ilbo=Reporter Park No-hoon] Yongin City announced on the 4th that it has signed a basic memorandum of understanding for the Yongin Youth Startup Support Housing Project with Gyeonggi Housing & Communities Corporation, Gyeonggi Small and Medium Venture Business Administration, and Yongin Digital Industry Promotion Agency.

The MOU, designed to activate startups by providing young entrepreneurs with residential and office space, was signed by Mayor Baek Kun-gi of Yongin City, President Lee Heon-wook of Gyeonggi Housing & Communities Corporation, Director Baek Un-man of Gyeonggi Small and Medium Venture Business Administration, and Director Kim Byung-hyun of Yongin Digital Industry Promotion Agency.

Under the agreement, Gyeonggi Housing & Communities Corporation will purchase SOHO (Small Office/Home Office) type housing that combines residential and office space before construction and supply it to solo entrepreneurs in Yongin City at rental rates lower than the surrounding market.

Yongin City will provide administrative support such as tenant selection and operational guidelines. Gyeonggi Small and Medium Venture Business Administration will provide startup support, education, and policy financing information, while Yongin Digital Industry Promotion Agency will support tenant recruitment, education, mentoring, and business commercialization.

Gyeonggi Housing & Communities Corporation plans to supply approximately 20 units of Yongin Youth Startup Support Housing in the second half of next year. Rental rates will be charged on a sliding scale based on income within 50% of the appraised value for prospective and early-stage entrepreneurs, with a basic lease term of two years.

Mayor Baek Kun-gi of Yongin City said, "I hope the Yongin Youth Startup Support Housing Project will become a model case in Gyeonggi Province that simultaneously resolves office and residential space issues for young entrepreneurs embarking on startups," and added, "We will continue to cooperate with local communities and organizations to wisely address youth-related issues."