Ministry of Land, Infrastructure and Transport Announces 'Urban Regeneration Preliminary Project' Contest... 10 Billion KRW Support for 80 Locations

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 23rd that it will integrate the Urban Regeneration Capacity Building Project into the Urban Regeneration Preliminary Project and begin the first call for applications for the Urban Regeneration Preliminary Project.

The Urban Regeneration Preliminary Project consolidates the previously separately operated resident participation projects, business support projects, and small-scale regeneration projects, all aimed at strengthening resident capabilities.

The project seeks to discover urban regeneration initiatives that can be completed within one year by at least 10 local residents. When local governments apply, the Ministry of Land, Infrastructure and Transport evaluates the proposals and provides up to 200 million KRW in national funding per site.

The ministry plans to select approximately 80 sites and provide a total of 10 billion KRW in national funding.

Since the existing capacity building projects have been reorganized into the Urban Regeneration Preliminary Project, from 2022 onwards, only local governments that have completed the preliminary project will be eligible to apply for Urban Regeneration New Deal projects selected by provincial governments.

However, considering the preparation period for local governments, those that have not experienced the preliminary project will also be allowed to apply for the New Deal projects selected by provinces next year.

As this is the first call for applications after the reorganization into the Urban Regeneration Preliminary Project, an 8-week application period has been provided to allow local governments sufficient time to plan their projects. Selection will be completed by the end of December so that projects can commence immediately from early next year.

Detailed information about this call for applications can be found on the Ministry of Land, Infrastructure and Transport website. Applications from local governments will be accepted for four days starting November 13, followed by a first round of document evaluation and a second round of presentation evaluation, with final results announced in December.

Baek Won-guk, head of the Urban Regeneration Project Planning Division at the Ministry of Land, Infrastructure and Transport, stated, "The success or failure of urban regeneration depends on how well local residents and governments prepare in a substantive manner." He added, "We plan to actively support the Urban Regeneration Preliminary Project so that its outcomes can be linked to the Urban Regeneration New Deal projects."

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