School, Public Housing, and National Land Utilization 'Living SOC Complex Project' Kicks Off

Creation of 'School Parks' in 3rd Phase New Towns in the Seoul Metropolitan Area: Hanam Gyosan, Namyangju Wangsuk, and Incheon Gyeyang
Expansion of Facility Types from 10 to 13... Extension of National Subsidy Rate Increase by 10%

[Asia Economy Reporter Kwangho Lee] The government is set to actively promote the Living SOC (Social Overhead Capital) complex project utilizing schools, public housing, and national land. It will also expand incentives and diversify project methods.

On the 26th, the government held the 6th Policy Council on Living SOC at the Government Seoul Office, chaired by Roh Hyung-wook, Director of the Office for Government Policy Coordination, to discuss the promotion plan for the Living SOC complex project.

Last April, the government established a three-year plan for Living SOC and is currently promoting projects that integrate various Living SOC facilities from multiple ministries, such as libraries, childcare centers, and parking lots. Last year, 289 Living SOC complex projects were selected across 172 cities, counties, and districts.

At the council meeting, the Living SOC complex project was evaluated as significantly increasing resident satisfaction at a low cost, with strong demand and positive responses from local governments. It was decided to diversify and intensify the project in its second year.

To this end, various improvement measures were prepared to resolve frequently raised difficulties on the ground, such as securing sites, financing project costs, and the need for complex facilities tailored to local demand.

First, schools at all levels and national land will be utilized so that Living SOC complex facilities can be conveniently located for local residents.

Additionally, in the metropolitan area’s 3rd phase new towns such as Hanam Gyosan, Namyangju Wangsuk, Incheon Gyeyang, Goyang Changneung, and Bucheon Daejang districts, as well as public rental housing complexes, Living SOC complex facilities will be incorporated from the urban planning and project planning stages.

To ease local governments’ financial difficulties, the public entrusted development system will be activated, where public institutions develop projects with their own funds first, and local governments repay them over the long term at low interest rates.

Incentives will also be expanded, such as broadening the scope of Living SOC complex facilities, so that local governments can plan various complex facilities according to the needs of local residents. The number of target facilities for Living SOC complex projects will be expanded from 10 to 13 types, and the period for applying a 10% increase in national subsidy rates for target facilities will be extended until 2022.

Director Roh emphasized at the meeting, "As the Living SOC complex project, a core task of Living SOC policy, enters its second year, it is important that the public can feel the effects of improved quality of life." He urged all ministries and local governments to "spread various Living SOC complex project models centered on regional facilities such as schools and public rental housing, as well as school parks in the 3rd phase new towns, so that it leads to improved quality of life and revitalization of local communities."