Public and Private Sectors Collaborate to Improve Aging Housing in Urban Vulnerable Areas

Completion Ceremony for Old Housing Improvement Project in Busan on the 24th
2023 Agreement Ceremony Held

The Ministry of Land, Infrastructure and Transport announced that on the 24th at 2 PM, it will hold a completion ceremony for the '2022 Public-Private Partnership Old Housing Improvement Project' at Siyak Saemteo Village in Seo-gu, Busan, together with the Balanced Development Committee, Busan Metropolitan City, Korea Housing & Urban Guarantee Corporation, KCC, Commax, Shinhan Wallpaper, and Habitat for Humanity Korea.

The completion ceremony is expected to be attended by Gil Byeong-woo, Director of Urban Policy at the Ministry of Land, Infrastructure and Transport; Lee Myeong-seop, Director of Balanced Development at the Balanced Development Committee; Kim Bong-cheol, Director of Architecture and Housing at Busan Metropolitan City; Gong Han-su, Mayor of Seo-gu, Busan; and representatives of the residents' council along with other key stakeholders.

With the implementation of the Public-Private Partnership Old Housing Improvement Project, the housing maintenance budget for vulnerable area renovation projects and private company sponsorships can be utilized together. The project includes diagnosis of repair scope per household, use of materials from sponsoring companies, construction management by professional implementing agencies, and energy efficiency diagnosis, which can enhance construction quality and resident satisfaction.

Specifically, major construction and security materials such as insulation, windows, door locks, and wallpaper will be replaced, reducing risks of fire and crime, and enabling savings on heating and cooling costs.

Last year, through the Public-Private Partnership Old Housing Improvement Project, a total of 197 old houses were repaired in four locations: Siyak Saemteo Village in Seo-gu, Busan; Solan Village in Bonghwa, Gyeongbuk; Sinwol District in Changwon, Gyeongnam; and Taepyeong District in Tongyeong, Gyeongnam.

At this completion ceremony, a joint business agreement ceremony for the '2023 Old Housing Improvement Project' public-private cooperation will also be held. Notably, based on the experience of previous old housing improvement projects and high resident satisfaction, the number of participating institutions in the public-private partnership project will increase from 5 to 6 this year.

Gil Byeong-woo, Director of Urban Policy at the Ministry of Land, Infrastructure and Transport, stated, "The Ministry will continue to support urban vulnerable areas that have not secured basic living conditions and have been left behind in growth. With the expanded participation of companies this year, we hope our society will become warmer."