Seoul City Invests 10 Billion Won in Multi-family Housing Repairs... Additional Support for Aesthetic and Insulation Works

Seoul Increases Support for 'Gakkum Housing' Home Repair Program
Up to 15.5 Million KRW for Detached Houses... Additional 5 Million KRW for Aesthetic Improvements
Applications Accepted Continuously from the 15th to the End of July

▲Case of Urban Aesthetic Improvement through Changing Building Exterior Walls and Fence Materials (Provided by Seoul City)

[Asia Economy Reporter Kim Hyemin] The Seoul Metropolitan Government will invest a total of 10 billion KRW this year in repairing houses in low-rise residential areas such as multi-family housing. Additionally, it will provide up to 5 million KRW for urban aesthetics improvements and an extra 10% of the construction cost for window and insulation work.

On the 7th, Seoul announced that it has upgraded the "Gakkum Housing Repair Support Project" with these details for this year.

This project has been providing subsidies and loans for house repair work since 2016 to improve the living environment and urban aesthetics of aging low-rise residential areas. Eligible properties include old and deteriorated detached houses (multi-unit and multi-family houses) and apartment buildings (multi-family and row houses) that are over 20 years old since completion.

This year, Seoul will invest a record-high 10 billion KRW to support the project. This reflects the demand, as the number of supported cases last year increased about 12 times compared to 2018. The city supported a total of 1,247 cases and about 8.1 billion KRW last year.

The support items have also been expanded. Starting this year, facade design will be supported for house repairs related to aesthetics, with up to 5 million KRW provided if the improvement effect is significant. Additionally, if high-efficiency materials are used for window and insulation work to enhance energy efficiency, an additional support of up to 10% of the construction cost (maximum 2.4 million KRW for detached houses) will be provided.

Support for repair costs will also be extended to privately owned vacant houses that have been left unattended.

Along with this, Seoul will officially implement a "Construction Company Registration System" by publicly listing companies that have completed certain training on its website. Companies not registered will be unable to participate in this project starting next year. Outstanding companies will also be selected.

The application forms for repair subsidies and loans have been integrated to allow a single application. Loan applications can be submitted even during the repair construction. Furthermore, a "visiting consultation service" will continue to be provided, where construction experts offer advice on house condition diagnosis, construction scope, and house maintenance methods.

Seoul will accept applications for support subsidies and loans at district offices where the houses are located from June 15 to July 30 on an ongoing basis.

Ryu Hoon, Director of the Seoul Metropolitan Government’s Urban Regeneration Office, said, "We will improve the system by simplifying procedures to stabilize the living environment of citizens residing in aging houses and continue to support energy efficiency improvement construction for old houses."

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