Gyeonggi Province Proposal: Housing Supply for Youth and Newlywed Couples Now Possible Through Aging Government Building Redevelopment

Housing supply projects utilizing aging public buildings such as community centers and post offices are expected to accelerate going forward.

According to Gyeonggi Province on the 30th, the 'Special Bill on Redevelopment of Aged Public Buildings,' which was proposed by the province to the government in September of last year and includes measures such as expanding housing supply for youth and newlywed couples through aged building redevelopment, providing financial support, and establishing a coordination body among related agencies, passed the National Assembly on the 20th.

Aged public building redevelopment refers to projects involving complex development of deteriorated community centers, post offices, and fire stations with public rental housing and other facilities. Typically, lower levels house existing public institutions such as community centers and post offices along with convenience facilities, while upper levels are developed as apartments for use in housing supply such as public rental housing.

Previously, in September of last year, Gyeonggi Province proposed △priority supply of apartments supplied through aged public building redevelopment to youth and newlywed couples △government budget and fund support for aged public building redevelopment △introduction of a system to coordinate when related agencies have differing opinions △reduction of usage fees on state-owned property and other measures.

The bill includes provisions for priority housing supply to groups in need of housing support such as youth and newlywed couples. It also allows for financial support from the national and local governments and reductions in usage fees or loan fees when using land and buildings.

The special bill is scheduled to take effect six months after promulgation. Going forward, Gyeonggi Province plans to consult with the government to ensure that on-site opinions are reflected in the process of establishing detailed standards for housing supply targets and financial support methods.

Kim Tae-su, Director of the Housing Policy Division of Gyeonggi Province, said, "With the passage of this special bill, a solid legal and institutional foundation has been established for supplying quality rental housing in urban areas," and added, "We will continue to consult with the government for the housing stability of provincial residents through stable supply of public rental housing."