Urban Regeneration New Deal Metropolitan Public Project Applications Open... 400 Billion KRW National Funding Support

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 9th that it will accept applications for the metropolitan public offering projects selected by cities and provinces as part of the Urban Regeneration New Deal project from the 1st to the 3rd of next month.

The metropolitan public offering projects are those where cities and provinces autonomously select urban regeneration projects, and then the Ministry of Land, Infrastructure and Transport evaluates their eligibility and feasibility to finalize whether to proceed.

The process involves basic cities, counties, and districts submitting application documents from the 1st to the 3rd of next month, which are then forwarded to the metropolitan cities and provinces.

A total of 400 billion KRW in national funding will be supported, and each metropolitan city and province can autonomously determine the types and number of projects within the allocated national budget limit.

The total budget per city and province is differentially allocated considering urgency and equity, and is finally confirmed based on detailed project inspections and annual performance evaluations.

Regions that received good evaluations in the previous project performance assessment (Jeonnam, Gyeongnam, Daejeon) and those with excellent budget execution and construction start/completion performance last year (Chungnam, Jeju, Jeonnam, Gyeongnam) will benefit, while regions with insufficient performance such as Gwangju, Ulsan, Daegu, Jeonbuk, Incheon, and Busan are expected to receive penalty points.

The project types eligible for metropolitan selection are three: 'Saving Our Neighborhood', 'Residential Support Type', and 'General Neighborhood Type'.

'Saving Our Neighborhood' is a project aimed at quickly supplying resident life-oriented public facilities in small-scale low-rise residential areas and inducing voluntary residential environment improvements such as small-scale housing maintenance. The project period is 3 years, and the national funding amount is around 5 billion KRW.

'Residential Support Type' is a project to supply resident life-oriented public facilities and rental housing in aging low-rise residential areas and to induce voluntary residential environment improvements such as small-scale housing maintenance. The project period is 4 years, and the national funding amount is around 10 billion KRW.

'General Neighborhood Type' targets areas urgently needing community recovery and protection of life-oriented small merchants, aiming to revitalize the community and boost vitality in alleyway commercial districts. The project period is 4 years, and the national funding amount is around 10 billion KRW.

Submitted application documents will go through ▲August city and province evaluation ▲September Ministry of Land, Infrastructure and Transport feasibility and validity evaluation ▲early October Ministry of Land, Infrastructure and Transport eligibility verification and Urban Regeneration Working Committee evaluation. Afterwards, the Urban Regeneration Special Committee will make the final selection of 50 sites at the end of October.

Baek Won-guk, head of the Ministry of Land, Infrastructure and Transport’s Urban Regeneration Project Planning Group, said, "New projects will be selected based on well-prepared plans including site acquisition and thorough collection of local residents’ opinions."

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