Seoul City Supports Home Repairs for Aging Houses in Jegi-dong 67 Area Excluded from Redevelopment

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government will support home repairs for old houses in the Jegi-dong area of Dongdaemun-gu, which was removed from the redevelopment zone.

On the 7th, Seoul announced that at the Small-scale Housing Authorization Subcommittee of the Urban Regeneration Committee held on the 6th, the area 67-17 Jegi-dong was newly designated as a Housing Performance Improvement Support Zone.

This area was removed from the Jegi 7 Redevelopment Maintenance Planned Zone and has poor infrastructure such as alley environments and living infrastructure, with a concentration of old single-family and multi-family houses. However, it was excluded from the Urban Regeneration New Deal project selection, making it an area urgently needing improvement and maintenance of living conditions.

Once designated as a Housing Performance Improvement Support Zone, residents can receive home repair support from Seoul City. To provide this support, Seoul revised the "Seoul Metropolitan City Low-rise Residential Area Home Repair Support Ordinance" and newly introduced the Housing Performance Improvement Support Zone system.

Accordingly, residents in the area can ① receive home repair subsidies from the "Seoul Beautiful House Project." Depending on the type of house, 50-100% of construction costs, up to a maximum of 20 million KRW, will be supported. ② They can also benefit from Seoul City's "Housing Improvement Loan Support Project," a low-interest loan program for home repair construction costs. Before the zone designation, the city subsidized 2% of the market interest rate, but after designation, residents can receive a low-interest loan at an annual rate of 0.7%.

Ryu Hoon, Director of Seoul City Urban Regeneration Office, said, "We will continue to expand the Housing Performance Improvement Support Zones to enable the repair of old and deteriorated houses through home repair support projects in areas densely populated with aging low-rise houses where repairs are essential."