Seoul City Supports Home Repairs in Low-Rise Residential Alleys of Singil 3-dong

[Asia Economy Reporter Onyu Lim] Seoul City supports home repairs in the old and deteriorated low-rise residential area of Sin-gil 3-dong alley in Yeongdeungpo-gu.

Seoul City announced on the 27th that it newly designated the Sin-gil 3-dong alley regeneration project area as a Housing Performance Improvement Support Zone through the Urban Regeneration Committee on the 26th of last month.

Once designated as a Housing Performance Improvement Support Zone, residents can receive home repair support even if the area is not part of an urban regeneration activation area or a managed residential environment improvement project area.

The designated area is a deregulated zone of the Sin-gil Redevelopment Promotion District. The infrastructure such as alley environment and living infrastructure is poor, and old detached and multi-family houses are densely concentrated. Since 2018, an alley regeneration project has been underway to improve the living environment and maintenance.

Seoul City provides ① subsidies for home repairs under the ‘Seoul Beautiful House Project’ in the Housing Performance Improvement Support Zone. Depending on the type of housing, 50-100% of construction costs, up to a maximum of 20 million KRW, are supported. ② Benefits of the Seoul City ‘Housing Improvement Loan Support Project,’ a low-interest loan program for home repair construction costs, are also provided. Before the zone designation, the city subsidized 2% of the market interest rate, but after designation, it offers a low-interest loan at an annual rate of 0.7%.

Kang Maeng-hoon, Director of Urban Regeneration at Seoul City, said, “We will continue to expand the Housing Performance Improvement Support Zones” and “We expect sustainable residential environment improvements to be achieved.”

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