▲ LH headquarters in Jinju
Businesses participating in the construction and public purchase lease program will now be able to apply by submitting a simplified business plan instead of architectural drawings.
The Korea Land and Housing Corporation (LH) announced today (the 25th) that it has introduced a streamlined application process and a preliminary location review system to accelerate the acquisition of newly built public rental units in the capital area utilizing privately owned land.
Moving forward, LH will accept applications for newly built public rental housing projects with just a simplified business plan, omitting the requirement for architectural drawings.
Previously, individuals and corporate entities with an interest in participating but lacking experience faced hurdles, as it was difficult to determine whether their land was suitable for the project and they had to bear architectural design costs despite the uncertainty of purchase approval.
Under the new changes, applicants can simply submit a business plan within five pages of A4 paper detailing location factors such as public transit accessibility, educational conditions, proximity to convenience facilities, and the residential environment.
LH has also established a preliminary location review committee to evaluate whether submitted business plans meet the criteria for suitable locations for new construction and purchase.
Projects that pass this review committee will be exempt from existing document screening procedures and will be granted a full score on location-related criteria in subsequent purchase reviews.
To secure housing supplies swiftly, LH decided to apply a fast-track procedure so that applications received for this project can conclude with agreements within the year.
Eligible applicants are individuals or corporations proposing sites capable of accommodating 500 or more units in the capital area (or 200 or more units in regulated zones, with combining parcels permitted per project).
Eligible sites include idle land resulting from corporate headquarters consolidation, supermarket or factory relocations and closures, project sites managed by financial sectors utilizing trusts, REITs, or funds, and idle land within urban centers owned by individuals or clan organizations (jongjung).
However, properties submitted within the past three years are excluded, and LH explained that it has increased the effectiveness of the project by adding requirements for land ownership or appraisal consent necessary for new construction and purchase.
Notices can be found on the LH Apply Plus website (www.apply.lh.or.kr), and online applications can be submitted through the LH website until the 15th of next month.
LH plans to host a housing purchase business briefing session on the 1st of next month to encourage project applications, and will also provide one-on-one customized consultations (by reservation) for interested applicants until the 14th.
(Photo provided by Korea Land and Housing Corporation, Yonhap News)
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