Households in housing crisis and youth aging out of care to receive up to 300,000 won per month in residential cost support for up to three months; 33M2 funds the initiative, operated by four local welfare centers under a public-private partnership
33M2, a proptech-based short-term rental platform operated by SpaceV, will launch a housing support project for vulnerable households and youth in Seocho-gu, Seoul.
Seocho-gu signed a memorandum of understanding with 33M2 on Thursday at the district mayor's office on the fifth floor of the Seocho-gu District Office to advance the "Housing Crisis Household and Youth Support Project," aimed at helping vulnerable residents secure stable housing.
Seocho-gu District Mayor Jeon Seong-su and 33M2 CEO Park Heong-joon attended the signing ceremony, along with representatives from four local welfare centers — Caritas Bangbae, Banpo, Yangjae and Umyeon comprehensive social welfare centers — pledging cooperation on a public-private framework to support housing-vulnerable residents.
33M2 is a proptech-based short-term rental platform operated by SpaceV that has carried out various corporate social responsibility initiatives focused on housing support, drawing on its business expertise. Through this agreement, the company plans to work with Seocho-gu to strengthen residential welfare in the community.
Under the project, 33M2 will fund the full cost of the initiative, with four local welfare institutions handling operations. The centers will identify households facing urgent housing crises — caused by fires, flooding, financial hardship or similar emergencies — through their case management networks, and provide direct residential cost support, including monthly rent, of up to 300,000 won ($217) per household per month for up to three months. Youth aging out of the care system and other young people struggling with housing costs are also included as beneficiaries, with the aim of helping them maintain stable living conditions.
Seocho-gu has been expanding its public-private welfare partnerships to identify residents falling through the cracks and meet a range of community welfare needs. Existing programs include a crisis support initiative with Meritz Fire & Marine Insurance covering living and medical expenses for emergency-stricken households, a home improvement project called "Firefly House" backed by KCC, and a "Dream Home CC" program sponsored by KCC Glass to help youth aging out of care and young adults with developmental disabilities live independently. The district plans to continue deepening ties with local businesses to expand community-centered welfare programs.
"I hope this project will be a great help to our neighbors who are struggling with housing costs, allowing them to maintain a stable daily life," District Mayor Jeon said. "We will continue to look carefully for those falling through the welfare safety net through public-private cooperation, and build a tighter housing welfare safety net so that vulnerable residents can enjoy stable living conditions."
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