▲ Details on non-residential remodeling initiatives
The Ministry of Land, Infrastructure and Transport and Korea Land and Housing Corporation (LH) announced on July 29 that they will hold a business roundtable on July 30 at the LH Gyeonggi South Headquarters to promote the "non-residential remodeling project," which converts vacant downtown commercial spaces and lodging facilities into public rental housing.
The meeting will explain project public notices and participation procedures, introduce institutional improvement plans, and gather opinions from the field.
Non-residential remodeling features shorter construction periods than new construction and utilizes idle downtown spaces, making it a project capable of supplying housing in a short period.
It is expected to be effective in providing housing for young adults due to its excellent public transportation accessibility and close proximity to workplaces.
To enhance project viability, the Ministry is pushing to revise the Enforcement Decree of the Public Housing Special Act with a target of September to add factories (knowledge industry centers) to LH's acquisition targets, which were previously limited to commercial and lodging facilities.
Even before the enforcement decree is revised, the Ministry plans to include knowledge industry centers as acquisition targets in this project open call.
In addition, the briefing will introduce plans to allow the conversion of knowledge industry centers into officetels in general industrial areas, ease parking lot installation standards when converting into quasi-housing, permit workers from non-tenant companies to move into rental-type dormitories within knowledge industry centers, and provide fund loans for non-residential remodeling along with Korea Housing & Urban Guarantee Corporation (HUG) guarantee support.
Han Sung-su, Director General for Housing Welfare Policy at the Ministry of Land, Infrastructure and Transport, stated, "The government is striving to supply newly built purchased rental housing, which has a significant short-term supply effect, to stabilize the jeonse and monthly rent markets," adding, "We will also swiftly promote non-residential remodeling to convert vacant downtown commercial spaces, lodging facilities, and knowledge industry centers into living spaces."
(Photo provided by Ministry of Land, Infrastructure and Transport, Yonhap News)
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