Jungnang-gu Myeonmok 2·5-dong Area to Receive Seoul City Home Repair Support

Myeonmok 2·5-dong, Junghwa 2-dong... Designated as Housing Performance Improvement Support Zones

▲Jungnang-gu Myeonmok 2·5-dong Housing Performance Improvement Support Area (Provided by Seoul City)

[Asia Economy Reporter Kim Hyemin] The Seoul Metropolitan Government has newly designated the areas of Myeonmok 2 and 5-dong and Junghwa 2-dong in Jungnang-gu as 'Housing Performance Improvement Support Zones' to revitalize home repairs in old and deteriorated low-rise residential areas.

On the 9th, Seoul announced that it approved the designation plan for these areas as Housing Performance Improvement Support Zones at the first Urban Regeneration Committee meeting held the previous day.

The newly designated areas, Myeonmok 2 and 5-dong (284,035㎡) and Junghwa 2-dong (175,013㎡), are regions densely populated with low-rise houses of four floors or less. More than 60% of the buildings are over 20 years old since their approval for use.

Once designated as a zone, residents can receive home repair subsidies and loans through the 'Seoul Beautiful House Project.' The home repair subsidy covers up to 50% of the housing performance improvement construction costs such as insulation and waterproofing, with a maximum of 15.5 million KRW for detached houses. The home repair loan offers a low-interest loan at an annual rate of 0.7%, covering up to 80% of construction costs and a maximum of 100 million KRW.

With this designation, the number of Housing Performance Improvement Zones in Seoul increased from 141 to 143 locations, covering a total of 26.7㎢, which accounts for 24% of Seoul’s 111㎢ low-rise residential areas.

Ryu Hoon, Director of Urban Regeneration, stated, "We will continue to actively identify target areas and designate them as Housing Performance Improvement Zones."

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