Yeongdeungpo-gu, 100% Interest-Free Loan for Reconstruction Safety Inspection Costs

Resolving Delays Due to Long Fundraising Periods, Resident Conflicts, and Cost Burdens... Expecting Resident Life and Yeongdeungpo's Prestige to Rise with Accelerated Redevelopment Projects

Choi Ho-gwon, Mayor of Yeongdeungpo District

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) announced that it will support accelerated reconstruction projects by providing interest-free loans for safety inspection costs to aging complexes that have reached the reconstruction period.

This is expected to relieve the burden of securing safety inspection costs for reconstruction projects.

The district has the highest proportion of old apartments in Seoul. Currently, among multi-family housing complexes over 30 years old, 8 complexes are subject to reconstruction, and safety inspections for reconstruction are underway in 6 complexes.

Accordingly, the district accelerates reconstruction projects through interest-free loans for safety inspection costs, which comprehensively evaluate structural safety, residential environment, cost-benefit, and equipment aging to make the final decision on whether to proceed with reconstruction. Under the current system, residents must initially bear the safety inspection costs, which takes a long time to secure funds and causes conflicts among residents, delaying reconstruction.

If a complex wishing to reconstruct obtains the consent of the majority of landowners and applies for a loan, the district will support 100% of the necessary safety inspection costs, either fully or partially, interest-free, limited to one time. The loan period is up to 10 years or until the application for project implementation plan approval. The initial loan period is 3 years but can be extended annually thereafter. The loan is supported only once, and if the safety inspection is not passed, the loan period lasts until the reapplication for the safety inspection.

After a construction company is selected, the loan must be repaid in cash within 30 days from the selection date, and the guarantee insurance premium must be borne by the resident representatives requesting the safety inspection (up to 10 landowners).

Specific support costs, repayment methods, and deadlines will be determined through agreements between the district and the complexes.

The district is also making multifaceted efforts to swiftly promote urban maintenance projects, including commissioning the “Yeongdeungpo-type Residential Maintenance Management Plan Study.”

Choi Ho-kwon, Mayor of Yeongdeungpo-gu, stated, “With this interest-free loan support for reconstruction safety inspection costs, we hope to quickly renovate aging complexes and improve residents’ quality of life. Through close consultations with Seoul City and related ministries, we will ensure that the rapidly progressing maintenance projects proceed smoothly so that Yeongdeungpo can leap forward as a future-oriented city.”