Naju-si 'Ichang District Happy Housing' Officially Commences Construction

[Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 30th that the public rental housing construction project, ‘Ichang District Happy Housing,’ has officially begun construction with the goal of completion in May 2022.

Ichang District Happy Housing is a key policy of the 7th local government administration aimed at helping youth, newlyweds, low-income groups, and industrial complex workers reduce housing costs and settle stably. It will be built in the Yeongsanpo Ichang-dong area, a hinterland of the Innovation and General Industrial Complexes.

Previously, in October 2018, the city signed a ‘Happy Housing Project Implementation Agreement’ with the joint implementing agency Korea Land and Housing Corporation (LH). This was followed by project approval from the Ministry of Land, Infrastructure and Transport in December last year, and after the construction order and contractor selection process in April, construction began this month.

The Happy Housing project, with a budget of 15 billion KRW (30% national funds, 40% fund loans, 30% LH), will supply a total of 150 units with exclusive areas ranging from 21 to 44 square meters on a 7,199㎡ (2,178 pyeong) site at 714-1 Ichang-dong, Yeongsanpo, at rental prices lower than surrounding apartments.

The city is promoting free land provision for housing construction, environmental improvements around the housing site, and public transportation system maintenance.

LH is responsible for housing construction, operation, and management by investing national funds, fund resources, and its own budget.

Deputy Mayor Park Bongsun said, “Ichang District Happy Housing is expected to be a catalyst for improving residential conditions for youth, low-income groups, and industrial complex workers, as well as revitalizing the depressed Yeongsanpo area economy. We will steadily promote the construction of Happy Housing so that citizens can enjoy a pleasant and safe residential life.”