The Seoul government has begun providing up to seven-point-two million won, or around five-thousand U.S. dollars, to cover housing costs for two years to couples who do not own their own home and who have had a child since January 1 of this year. 

The Seoul Metropolitan Government announced on Thursday that it launched the project to lessen the cost burdens facing newlyweds with young children. 

According to the Seoul government, 63 percent of those who left Seoul for the surrounding areas last year cited family and housing as reasons for moving. 

The project aims to encourage non-homeowners to continue to reside in Seoul even after they have children by providing up to 300-thousand won per month to help cover the cost of housing. 

The difference in rent between the capital city and the nearby Seoul metro area is estimated to be around 300-thousand won. 

Parents who have additional children while receiving the housing support are eligible for extensions and can receive it for up to four years. 

To be eligible for the program, apart from not owning a home and having had a child since January 1, families must be at or below 180 percent of the median income with a housing contract that stipulates a lump-sum jeonse rental housing deposit of no more than 300 million won or monthly rent of no more than one-point-three million won.