Assemblyman Jo O-seop's Proposed 'Two Laws for Housing-Centered Urban Regeneration' Passes Land, Infrastructure and Transport Committee

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jo Oseop, a member of the National Assembly (Democratic Party of Korea·Gwangju Buk-gu Gap), announced on the 20th that the follow-up bill to the February 4 real estate supply measures, the "Two Laws for Revitalizing Housing-Centered Urban Regeneration," has passed the full meeting of the Land, Infrastructure and Transport Committee.

The partial amendment to the Special Act on Urban Regeneration Revitalization, which Assemblyman Jo proposed as the main sponsor, includes key provisions such as ▲ granting limited expropriation rights to secure project sites in aging residential areas ▲ introduction of the Housing Regeneration Innovation District system ▲ strengthening the role of public-led general project managers such as public enterprises ▲ and easing the requirements for designated project areas.

The partial amendment to the Act on Acquisition and Compensation of Land for Public Projects includes provisions allowing the acquisition and use of land in the Housing Regeneration Innovation District to secure project sites in aging residential areas urgently requiring regeneration by stipulating the innovation district regeneration project method.

This amendment is premised on the approval of the Special Act on Urban Regeneration Revitalization.

Under the current law, it is difficult for the public sector to secure project sites in aging residential areas, and designated projects are limited to areas outside the urban regeneration revitalization zones, revealing institutional limitations.

Assemblyman Jo said, "The February 4 real estate supply measures are being promoted to provide a fundamental solution to the real estate market through the expansion of public-led supply," and added, "The 'Two Laws for Revitalizing Housing-Centered Urban Regeneration' that passed the Land Committee this time is expected to open up opportunities for public development in aging residential areas and establish new methods for urban regeneration projects centered on housing."