Amendment to Subordinate Legislation of the "Special Act on Private Rental Housing"
Legislative Notice from the 30th to December 8
Silver Stay Living in the Same Complex Like Family
On the 24th, at the Eunpyeong-gu Municipal Eunpyeong Silver Care Center in Seoul. The Municipal Eunpyeong Silver Care Center is a public elderly care facility donated through a public contribution method in a private development project, the first of its kind in Seoul, built on the Susaek 13 District housing redevelopment site. It is a public elderly nursing facility with one basement floor and six above-ground floors, which opened in May. Photo by Kang Jin-hyung
The Ministry of Land, Infrastructure and Transport will introduce 'Silver Stay' within the year, providing household and medical services to seniors aged 60 and over. In addition to senior residences such as elderly welfare housing where only elderly people live together within a complex, they will also build intergenerational exchange complexes where elderly family members can live in the same building.
The Ministry announced on the 29th that it will publicly notify the amendment to the 'Enforcement Decree and Enforcement Rules of the Special Act on Private Rental Housing' for 40 days from the 30th until December 8 to introduce Silver Stay.
Silver Stay is a long-term private rental housing that supports stable residential life for the elderly. It is a measure according to the 'New Rental Housing Supply Plan' announced by the Ministry of Land, Infrastructure and Transport last August. Residents can live for more than 20 years. It is primarily supplied to the homeless, and homeowners can move in to the remaining units.
The Ministry will also create intergenerational exchange complexes that mix Silver Stay with general public-supported private rentals. Existing senior residences often have elderly people living together, separated from their children. The Ministry prioritizes supplying intergenerational exchange complexes not only for this type of Silver Stay but also for the homeless children and grandchildren of residents.
Rent will be no more than 95% of the market price of senior residences. The market price is calculated by considering the rent gap between general housing and senior residences. Since fees for meals and living support services are charged, rent cannot be increased by more than 5%. However, rent increases below the housing cost price index fluctuation rate applied to private rental housing with more than 100 units are allowed.
After revising related subordinate laws, the Ministry will promote a Silver Stay pilot project through land site contests and private proposal contests. Community facilities will be mandatory to include medical support facilities and fitness facilities. Saunas, karaoke rooms, etc., will be created at the discretion of private operators. Regarding services, emergency safety and leisure activity support services must be provided. Asset management, clubs, and other services can be freely proposed and introduced by operators.
The Ministry will provide tax benefits such as acquisition tax and property tax reductions, exclusion from comprehensive real estate tax aggregation, and financial support such as investment and loans from the Housing and Urban Fund at the level of public-supported private rentals to operators.
Lee Gi-bong, Director of Housing Welfare Policy at the Ministry, said, "If Silver Stay is introduced, it will expand the supply of a new type of elderly housing in our society, which is on the verge of becoming a super-aged society."
The full text of the amendment can be viewed from the 30th on the Ministry of Land, Infrastructure and Transport website under 'Policy Data - Legal Information - Legislative Notice.' Opinions can be submitted by mail or through the website.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
