Ministry of Land, Infrastructure and Transport Prepares Detailed Supply Plan for 500,000 Public Housing Units

[Asia Economy Reporter Kim Min-young] The Ministry of Land, Infrastructure and Transport announced on the 28th that it will issue a legislative notice and administrative notice for the amendment of the Enforcement Decree and Enforcement Rules of the "Special Act on Public Housing," the "Standards for Handling Assets Held by Public Housing Tenants," and the "Public Housing Work Guidelines" as follow-up measures to the plan to supply 500,000 public housing units.

First, to establish an institutional foundation for the supply of public housing by type, the subordinate laws of the Special Act on Public Housing will be amended.

Demanders for public sale housing can choose one of three models according to their income and asset conditions, life cycle, etc.: △ Sharing type (250,000 units) △ Selective type (100,000 units) △ General type (150,000 units).

The Sharing type stipulates the buyer's share (repurchase conditions), subscription qualifications, supply ratio, and tenant selection method upon repurchase by the public. The Selective type specifies the sale price, subscription qualifications, supply ratio, and tenant selection method. For the General type, the existing subscription system is reformed to expand the proportion of general supply and introduce a lottery system.

The construction ratio of public housing within public housing districts can be adjusted within a range of 5 percentage points from the current public rental housing minimum of 35% or more and public sale housing maximum of 25% or less. In addition, to meet the demand of homeless low-income households for home ownership, the existing supply limit for public sale housing is raised from 25% or less to 30% or less.

Furthermore, to reduce the inconvenience of having to obtain consent for financial information provision from the applicant and economically independent household heads when applying for public housing, the scope of financial information provision is limited to the spouse and direct ascendants/descendants among household heads registered on the same resident registration as the public housing applicant.

In the case of Newlywed Hope Town, if the period from the announcement of tenant recruitment to move-in is less than one year, the deadline for submitting marriage proof is set to before move-in to eliminate unnecessary disputes caused by contract cancellations after moving in.

Kwon Hyuk-jin, Director of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, said, "Through this amendment, a practical institutional foundation for supplying 500,000 public housing units for youth and homeless low-income households to own homes is established. We will make every effort to ensure early supply of public housing, including advancing pre-subscription within this year as previously announced to the public."