'Choegogodojigu' Ui-dong 55 Area to Receive Home Repair Support from Seoul City

[Asia Economy Reporter Yuri Kim] Seoul City will newly designate the area around 55 Ui-dong, Gangbuk-gu, a maximum height district, as a 'Housing Performance Improvement Support Zone' to revitalize home repairs in old and deteriorated low-rise residential areas.

The Housing Performance Improvement Support Zone refers to areas designated to receive home repair support even outside the existing Seoul City zones such as 'Urban Regeneration Activation Areas' and 'Managed Residential Environment Improvement Projects.' To this end, Seoul City revised the 'Ordinance on Support for Home Repairs in Low-rise Residential Areas of Seoul Special City' last year and introduced the Housing Performance Improvement Support Zone system.

Low-rise houses that have been approved for use for more than 20 years and account for 60% or more of the total buildings in ▲planned managed residential environment management project areas ▲scenic and height districts can be designated as Housing Performance Improvement Support Zones after review by the Urban Regeneration Committee.

Once designated as a zone, residents can receive home repair subsidies and loans under the 'Seoul Beautiful House Project.' Depending on the type of housing, 50-100% of construction costs, up to a maximum of 20 million KRW, can be supported. Home repair loans offer low-interest benefits covering 80% of construction costs, up to a maximum of 60 million KRW. Before the zone designation, the city subsidized 2% of the market interest rate, but after designation, a low-interest loan at an annual rate of 0.7% is available.

The newly designated area is the area around 55 Ui-dong, Gangbuk-gu, a maximum height district densely populated with low-rise houses. It is an area where the degree of aging has been continuously increasing, resulting in poor residential conditions, and support for preservation, maintenance, and improvement of old houses is needed.

With the decision to designate it as a Housing Performance Improvement Support Zone at the 5th Small-scale Housing Authorization Subcommittee of the Urban Regeneration Committee held on the 15th, old houses in this area will be able to receive Seoul City home repair support benefits through the zone designation announcement. Information about the designated zone and home repair support system can be found on Seoul City's Jipsuri.com.

Ryu Hoon, Director of Seoul City's Urban Regeneration Office, said, "We will continue to expand the Housing Performance Improvement Support Zones in areas densely populated with aging low-rise houses where home repairs are essential, so that old and deteriorated houses can be repaired through Seoul City's home repair support project," adding, "We expect sustainable residential environment improvements to be achieved."

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