Gyeonggi-do to Promote 'Urban Regeneration New Deal Project' at Over 50 Sites by Next Year

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is carrying out the 'Urban Regeneration New Deal Project' in about 50 locations within the province.

The Urban Regeneration New Deal Project, which started in 2017, is a method that improves residential environments and revitalizes declining cities through community-led initiatives while maintaining the urban framework, rather than through complete demolition like redevelopment.

Among the 563 eup, myeon, and dong in the province, 237 areas (42%) are classified as declining areas, making urban regeneration in old downtown areas urgent.

The current Urban Regeneration Special Act defines declining areas as regions (eup, myeon, dong) where the population and number of businesses have decreased for more than three years and where more than 50% of buildings are over 20 years old.

The province plans to select about 50 locations by next year and invest 1.215 trillion KRW (including 96.6 billion KRW of provincial funds) by 2026 to support the projects in these areas.

To this end, intensive consulting on participation methods for public offering projects, such as New Deal project briefings and on-site consultations, will be conducted.

In particular, customized consulting will be provided to cities and counties with little project experience due to geographical and military factors, such as the northern Gyeonggi region, to enable their participation.

Additionally, the province plans to secure more than 14 billion KRW annually from the Urban Regeneration Special Account and request the National Assembly and government to expand the allocation for New Deal projects.

Over the past three years, the province has conducted 43 city and public offering project consultations and supported city and county urban regeneration plan establishment with 5.2 billion KRW of provincial funds.

Kim Joon-tae, Director of the Urban Housing Office of the province, stated, "We will strive to have more projects selected through an urban regeneration network involving the province, cities and counties, support centers, and experts, without being bound by target numbers."

This content was produced with the assistance of AI translation services.