The Ministry of Land, Infrastructure and Transport announced on the 19th that it plans to select four Urban Regeneration Innovation Districts and ten Residential Environment Improvement Projects in the first half of this year to revitalize local economies and improve the quality of life for local residents.
Urban Regeneration Innovation Districts are selected through a central public contest, while Residential Environment Improvement Projects are conducted through city and provincial contests.
First, the Urban Regeneration Innovation Districts to be selected this time aim to restore regional vitality and create jobs by promoting industrial and corporate attraction in large-scale idle sites located in metropolitan and regional hub cities.
The contest will open for applications in May, followed by a review and project selection process including feasibility and validity evaluations. Approximately 25 billion KRW in national funds will be invested over five years in the four selected Urban Regeneration Innovation Districts.
According to the Yoon Seok-yeol administration’s national agenda, the Ministry plans to designate 4 to 5 Urban Regeneration Innovation Districts annually, totaling 20 districts over five years. Additionally, in connection with the public sale housing policy 'New:Home' for homeless low-income families and youth, 10,000 public sale housing units will be supplied in innovation districts and other areas over five years.
The Residential Environment Improvement Projects aim to provide community-oriented public facilities (such as libraries and senior welfare centers) in small residential areas experiencing population outflow and building aging.
In particular, to align with the core purpose of urban regeneration, the focus will be on selecting declining urban areas, but non-urban areas will also be selected comprehensively considering the project demand and commitment of the respective local governments.
Applications for city and provincial contests will be accepted in April. Selected projects will receive approximately 5 billion KRW in national funds over four years.
Jung Seung-hyun, Director of the Urban Maintenance Policy Division at the Ministry of Land, Infrastructure and Transport, said, “With the selections in the first half of the year, we will further expand effects such as job creation through the establishment of economic hubs, and we will make every effort to select excellent project sites so that outcomes such as improved quality of life for local residents can be achieved early.”
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