LH "Strengthening Public Role and Functions... Full Effort for Housing Stability"

6th Innovation Committee Meeting Held
Continuous Innovation Felt by the People
"Early Supply of Even Just One Unit More"

Kim Hyun-jun, President of LH (right), and Kim Jun-gi, Chairman of the LH Innovation Committee, presiding over the "4th LH Innovation Committee" held at the Seoul Regional Headquarters on July 23.

Korea Land and Housing Corporation (LH) announced on the 28th that it held the 6th ‘LH Innovation Committee’ at the Seoul Regional Headquarters and pledged to strengthen its public roles and functions to fully commit to ensuring housing stability for the people.

At the meeting, Kim Jun-gi, Chairman of the LH Innovation Committee, stated, "Continuously pursuing changes and innovations that the public needs and can feel is the shortcut to regaining public trust," adding, "While faithfully implementing the government’s LH innovation measures and our own innovation efforts, we must also focus more on our core roles such as ensuring housing stability for the people and national economic development."

During the meeting, measures to revitalize housing supply and strengthen housing welfare roles were discussed. LH presented plans to ▲advance the supply schedule planned for 2022?2023 to resolve short-term housing supply-demand imbalances, ▲expand pre-sale through collaboration with other institutions’ supply volumes and self-discovery, and ▲discover additional supply sites by utilizing reserved land with unspecified purposes and converting the use of long-unsold land. Furthermore, LH decided to intensify on-site inspections and countermeasure meetings led by the CEO targeting major project districts in the metropolitan area such as Incheon and Gyeonggi Province, to resolve district-specific issues and manage them intensively to enable early supply.

As of the end of last year, LH holds 1.28 million public rental housing units nationwide, accounting for 75% of the total stock of 1.7 million units. However, despite this quantitative expansion, there is a negative image of public rental housing due to aging residential environments, uniform structures, and small unit sizes, so improvement measures will also be prepared. To this end, LH plans to implement ▲optimal performance housing with high-quality design, ▲integration of public rental types and introduction of medium-sized units, and ▲elimination of fundamental defect factors and strengthening of maintenance systems. Additionally, LH will expand the target of housing welfare supply from low-income vulnerable groups to the middle class, and significantly expand infrastructure by providing more detailed region-specific housing and social services through strengthened collaboration with local governments and the private sector.

Kim Hyun-jun, President of LH, emphasized, "We will strengthen public roles such as public development to ensure housing stability for the homeless and actual demanders, fully commit to expanding housing supply, and improve the qualitative level of housing welfare that the public can feel, including innovation in public housing quality."