Government to Promote Follow-up Legislation on 8·8 Supply Measures Next Month

Kim Beom-seok, First Vice Minister of Economy and Finance.

The government has decided to complete the bill proposal process by September regarding the follow-up legislation of the '8·8 Housing Measures' announced earlier this month.

On the 23rd, the Ministry of Economy and Finance held a 'Real Estate Market and Supply Situation Inspection Task Force' meeting at the Government Seoul Office, chaired by Kim Beom-seok, the First Vice Minister of the Ministry of Economy and Finance, to review the follow-up legislative plans.

First, concerning the enactment and revision of laws, the plan is to actively communicate with the National Assembly and promptly propose bills within September.

This includes amendments to the Restriction of Special Taxation Act and the Local Tax Special Act aimed at normalizing the foundation of the non-apartment market, the proposed enactment of the so-called 'Special Act on Promotion of Reconstruction and Redevelopment Projects' to simplify apartment maintenance project procedures, and the proposed enactment of the 'Real Estate Development Project Management Act' to expand the scope of the Project Financing (PF) Adjustment Committee's mediation to include private projects.

Additionally, the amendment to the Private Rental Housing Act to introduce a 6-year short-term registered lease to activate the supply of small housing units, and the amendment to the Housing and Urban Fund Act to allow verification of the number of houses owned by landlords through the Safe Jeonse App will also be pursued.

Furthermore, subordinate statutes (enforcement ordinances) of the Housing Act, Urban Maintenance Act, Small-scale Housing Maintenance Act, Income Tax Act, Comprehensive Real Estate Tax Act, and Local Tax Act will be drafted for amendment and promptly revised within September.

Detailed administrative measures that do not require legal amendments will be finalized and implemented within this month.

The government evaluated, "We plan to supply a total of 110,000 newly purchased rental houses mainly in the metropolitan area by next year, with more than 50,000 units this year. So far, purchase applications for about 98,000 units have been received," adding, "Since businesses are showing high interest, achieving the target without setbacks is possible."

Regarding loan regulations, the government reaffirmed its position, stating, "We will gradually review and implement additional soundness strengthening measures as necessary, depending on household debt trends and real estate market conditions."