[2023 National Audit] Won Hee-ryong "Expand Public Housing Supply through Additional Volume Securing and Fast Track"

Opening Remarks at the National Assembly Land, Infrastructure and Transport Committee Hearing on the 10th

On the 10th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, stated, "We will expand the supply of public housing through securing additional quantities, applying the fast track, and thorough fairness management."

[Image source=Yonhap News]

Minister Won made these remarks during his opening statement at the National Assembly Land, Infrastructure and Transport Committee’s audit, emphasizing, "We will establish a foundation for stable housing for the people through uninterrupted housing supply."

The Ministry of Land, Infrastructure and Transport plans to supply 10,000 units of the public sale housing 'New Home' through pre-subscription this year, followed by another 10,000 units next year. The pre-subscription plan for New Home next year will be announced within this year.

Regarding private housing supply, Minister Won said, "We will support smooth project implementation by expanding real estate project financing (PF) loan guarantees and improving regulations on maintenance projects."

For victims of jeonse fraud, he stated, "We will actively explore all possible policy measures such as legal and financial support and supplement necessary areas."

The Ministry especially plans to designate 62,000 new maintenance project units within this year through institutional improvements related to maintenance projects.

They will establish mechanisms to resolve construction cost disputes, integrate the designation procedures for maintenance districts, and introduce electronic general meetings for associations to accelerate reconstruction and redevelopment projects.

Minister Won emphasized that the Korea Land and Housing Corporation (LH) public housing, which experienced defects such as missing rebar, will have its safety thoroughly secured.

Additionally, Minister Won said, "We will enhance the competitiveness of the national territory through three-dimensional development via railway undergrounding and underground expressways, while densely expanding regional transportation networks such as railways, roads, and airports to support free movement."

He also announced plans to achieve transportation innovation. Minister Won stated, "We will return commuting time to the people by expanding metropolitan transportation networks such as GTX and metropolitan railroads and improving metropolitan transportation in new towns. Along with introducing the K-Pass, which reduces public transportation costs, we will realize transportation innovation that meets public expectations through service improvements at airports, railways, and more."

Efforts will also be made to revitalize overseas orders. Minister Won said, "To achieve the status of a top four overseas construction power, we will form One Team Korea to focus on key projects and also promote participation in Ukraine’s reconstruction projects."