2·4 Measures Kick Off Small-Scale Maintenance Projects... Housing Supply in Original Downtown Areas

[Asia Economy Reporter Lim On-yu] The government is set to accelerate the selection of small-scale maintenance project sites to develop low-rise residential areas in old downtowns as a follow-up measure to the February 4 supply plan.

Korea Land and Housing Corporation (LH) announced on the 25th that it will survey regions wishing to lead small-scale housing maintenance projects involving public participation for one month starting from the 26th. This survey is intended to prevent indiscriminate development of aging low-rise residential areas and to promote maintenance projects swiftly under public leadership in connection with the February 4 plan.

The government stated in the February 4 supply plan that it will supply a total of 110,000 housing units nationwide, including 62,000 units in Seoul, through small-scale housing maintenance projects implemented by landowners.

The application targets include the Seoul metropolitan area and five major metropolitan autonomous districts. The target projects are △ Small-scale housing maintenance management areas △ Small-scale housing maintenance unit projects (LH-participated street and autonomous housing maintenance projects). Through these two types of projects, the government plans to supply 50,000 housing units nationwide, including 22,000 units in Seoul.

Among these, the small-scale housing maintenance management areas are newly established zoning districts under the February 4 plan, receiving special benefits such as relaxed project requirements and building regulations, zoning upgrades, and national government support for infrastructure installation. The street and autonomous housing maintenance projects have eased project requirements under this plan, including the addition of street formation facilities and allowing single-person autonomous housing projects. When LH participates in the project, various benefits can be enjoyed, such as increased loan limits, reduced project risks through commitments to purchase newly built houses, support for resident relocation and resettlement, and residential quality management.

Regions where existing maintenance projects such as public redevelopment projects and urban regeneration New Deal projects are difficult to implement can also apply for this survey. It is expected to provide an opportunity to explore project promotion directions through future consulting. The main project application for residents will be conducted next month.

Kim Baek-yong, head of LH’s Urban Regeneration Headquarters, said, "This survey was conducted to swiftly implement the government’s housing supply expansion policy. We will prevent indiscriminate development of aging low-rise residential areas and promptly supply high-quality housing in old downtowns with high proximity between residence and workplace."