Gyeonggi Province Proposes Policy Improvements for Urban Public Rental Housing Complex Development of Aging Government Buildings

Gyeonggi Province announced on September 8 that it has proposed policy improvements to the government, such as the introduction of specialized housing and the easing of housing and urban fund loan conditions, to ensure housing stability for young people and those without homes in relation to the government's "Urban Public Rental Housing Complex Development for Aging Government Buildings" project.

Previously, in January, the government designated ten locations nationwide as part of its "Aging Government Building Complex Development Pilot Project," five of which are in Gyeonggi Province: Anyang Fire and Police Complex Government Building, Seo-Anyang Post Office, Uijeongbu Post Office, Goyang Ilsan Post Office, and Gunpo Post Office.

This project involves the complex development of aging government buildings, official residences, or idle state-owned land into new government buildings, public rental housing for young people and low-income residents, and revenue-generating facilities.

Gyeonggi Provincial Government

The flagship project, the Anyang Beomgye Public Complex Government Building Development, covers a land area of 3,063 square meters with a total floor area of 30,000 square meters. It will provide 240 units of integrated public rental housing alongside public facilities such as a community center, fire station, and police substation. Other projects will also proceed through the government's permanent consultative body, following procedures such as establishing complex development plans.

Gyeonggi Province explained that, as most developments are taking place in urban areas with high housing demand from young people, it has proposed policy improvements to the government to ensure their housing stability.

The main proposals include: ▲ the introduction of "specialized housing" that allows any non-homeowner to live securely for an extended period at a reasonable cost; ▲ easing housing and urban fund loan conditions to improve the business feasibility of public rental projects (lowering the interest rate from 1.8% to 1.0% and increasing the loan limit from 110 million won to 400 million won); ▲ providing incentives to participating organizations (such as expanding national funding for reconstruction and specialized facilities); and ▲ streamlining administrative procedures and establishing a joint public-private "dispute adjustment body."

Kim Tae-su, Director of Housing Policy at Gyeonggi Province, stated, "To stably supply high-quality rental housing in urban areas, it is necessary to improve the system to reduce the burden on participating organizations and enhance business feasibility," adding, "We will contribute to housing stability for young people by launching pilot projects early and strengthening cooperation with the government."