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The government has announced plans to additionally supply new housing sites in the Seoul metropolitan area. It has also decided to accelerate construction schedules, ease regulations on redevelopment and reconstruction, and expand loan capacities for genuine homebuyers.

Reporting by Choi Seung-hun.

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Three candidate locations for new public housing sites have been unveiled.

They include 1,000 units in Yeomchang-dong, Seoul; 21,700 units in Wabu-eup, Namyangju; and 4,500 units in the Jangji-dong area of Gwangju, Gyeonggi Province, totaling 27,000 units.

The government announced that it will additionally unveil more than 73,000 units within this year to supply a total of 100,000 new units.

The government explained that including the volume added to existing measures, more than 230,000 units will be additionally supplied in total.

The period from land site announcement to the start of construction will be shortened from 68 months to 37 months, and construction for 89,000 units in existing public housing sites, including the third-phase new towns, will be brought forward by one to two years.

[Kim Yun-deok / Minister of Land, Infrastructure and Transport : By minimizing the time lag between policy announcements and supply, we aim to alleviate housing price instability caused by supply and demand mismatches.]

Supply in urban centers will also be accelerated.

Sites announced in January, such as the Taereung CC, Gwacheon Racecourse, and the Defense Security Support Command, are all planned to begin construction by 2030.

Urban maintenance projects will be expedited by lowering the consent rate for establishing redevelopment associations from 75% to 70%, and tax and financial benefits will be provided to business sites that begin construction early.

Public guarantees for project financing (PF) will be more than doubled, increasing from an annual average of 13.1 trillion won over the past three years to 28.7 trillion won annually over the next three years.

The management target for this year's household debt total growth rate will also be doubled from 1.5% to 3%, which will be utilized to support relocation expenses, intermediate payment loans, balance payment loans, and support for young adults and genuine homebuyers.

[Lee Eok-won / Chairman of the Financial Services Commission : We will more strictly manage speculative funds and play a more active financial role in housing supply and genuine demand.]

The so-called marriage penalty, where couples cannot receive policy loans due to their combined income after marriage, will also be revised.

Bogeumjari Loans, as well as Didimdol and Beuttimok loans, will be changed so that couples can receive loans even if only one spouse meets the income criteria.

(Video by Lee Sang-min | Graphics by Kim Ye-ji)