SH Corporation Launches Call for Operators of 'Vacant House Utilization Land Lease Social Housing' Project

Expectations for Vacant House Maintenance, Realization of Housing Welfare, and Strengthening of Local Communities... Private Sector Project Applications Open Until April 17

[Asia Economy Reporter Yuri Kim] From now on, land-lease social housing will be built on vacant houses in Seoul city.

Seoul Housing and Communities Corporation (SH Corporation) announced on the 9th that it will construct land-lease social housing by utilizing some of the vacant houses located in Seoul, and will publicly recruit private business operators from today until April 17. A total of four business operators will be selected for eight project sites.

The land-lease social housing utilizing vacant houses is a type of public housing where SH Corporation leases vacant house sites it has purchased and secured to social housing operators (social economy entities related to housing) at low interest rates for a long term. The operators build public housing on these vacant house sites and supply rental housing to young people or newlyweds at prices lower than the market rate. SH Corporation’s land-lease social housing project utilizing vacant houses combines social housing aimed at strengthening housing welfare and revitalizing local communities through the supply of community facilities with urban regeneration that revitalizes the area by refurbishing vacant houses, thus enhancing public interest to a higher level.

The eligibility criteria for social economy entities participating as private business operators are nonprofit corporations, public interest corporations, cooperatives, social enterprises, etc., according to Article 2, Clause 3 of the "Seoul City Ordinance on the Activation Support of Social Housing." The rent for social housing is set at 80% or less of the surrounding market price. Accordingly, SH Corporation expects that the housing cost burden for low-income youth and newlyweds will be alleviated.

SH Corporation stated that through the land-lease social housing project utilizing vacant houses, it expects to achieve effects such as ▲resolving the problem of regional slumification caused by vacant houses ▲strengthening housing welfare for vulnerable groups such as youth and newlyweds ▲revitalizing low-rise residential areas through regional regeneration.

SH Corporation is planning various models for regenerating low-rise residential areas using vacant houses and will review and analyze the conditions and utilization plans for each purchased vacant house lot to prioritize their use as social housing by the private sector. Detailed information about the recruitment can be found on the Seoul Housing and Communities Corporation website or the social housing platform.

Kim Seyong, President of SH Corporation, said, "The land-lease social housing utilizing vacant houses is a new model of urban regeneration rental housing where the public and private sectors cooperate to refurbish vacant houses and supply rental housing. We expect it to simultaneously achieve urban regeneration and job creation effects, thereby revitalizing local communities."

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