LH Utilizes Vacant Houses in Old Downtown Areas for 'Public Housing and Startup Spaces'

[Asia Economy Reporter Yoo In-ho] Korea Land and Housing Corporation (LH) is expanding its ‘Empty House Connection’ project, which involves purchasing old vacant houses, remodeling them, and providing them as public housing or startup spaces.

This project is an initiative by LH to address social issues caused by the increasing number of vacant houses due to the decline of old downtown areas. LH purchases and stocks vacant houses and utilizes them as housing or community spaces needed in the region in connection with urban regeneration projects.

After conducting pilot projects in Busan in 2018 and Incheon last year, LH plans to purchase a total of 100 vacant houses in six locations this year, including the two regions as well as Daejeon, Gwangju, Jeonju, and Jinju.

LH plans to invest 1.5 trillion KRW in this project by 2030 to purchase 5,000 vacant houses and provide them to local communities through urban regeneration projects.

The purchase targets are vacant houses (mainly detached houses) with a land area of 100㎡ or more or a total building area of 60㎡ or more. Priority is given to applications for two or more adjacent vacant houses simultaneously or for vacant houses along with adjacent houses or vacant lots.

The decision on purchase is primarily made based on the status of vacant house surveys conducted by local governments according to relevant laws. If no survey has been conducted, LH determines eligibility.

The purchase price is decided through negotiation between LH and the seller within the average appraisal value provided by multiple appraisers selected by LH.

Vacant houses in good condition are purchased by LH and remodeled into child-friendly complex spaces in cooperation with the Ministry of Health and Welfare or startup spaces in cooperation with local governments until urban regeneration projects are implemented, and then provided to the community.

An LH official stated, “We will continue to work with the government and local governments to resolve issues related to vacant houses that pose safety threats such as fire and collapse accidents and spoil the aesthetics.” He added, “We will continuously improve any shortcomings to revitalize vacant house regeneration and actively promote urban regeneration projects based on public interest and social values.”

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