Five Public-Private Partnership Old Housing Improvement Project Sites Selected in Geumsan, Chungnam and Others

Ministry of Land, Infrastructure and Transport Signs Memorandum of Understanding with Related Agencies for Public-Private Partnership Aged Housing Improvement Support Project

[Asia Economy Reporter Kangwook Cho] Five regions?Geumsan in Chungnam, Seo-gu in Busan, Taebaek in Gangwon, Paju in Gyeonggi, and Tongyeong in Gyeongnam?have been selected this year as sites for the public-private partnership type aged housing improvement support project.

The Ministry of Land, Infrastructure and Transport announced on the 3rd that it signed a memorandum of understanding with the National Balanced Development Committee, Korea Housing & Urban Guarantee Corporation, Habitat for Humanity Korea, KCC Corporation, Commax Corporation, and Shinhan Wallpaper Co., Ltd. to smoothly implement the public-private partnership type aged housing improvement support project within the Saetteul Village project areas.

The Saetteul Village project supports living infrastructure, home repairs, care and jobs, and resident care in extremely poor urban residential environments such as hillside villages.

The public-private partnership type aged housing improvement support project combines support from not only the government but also public institutions (Korea Housing & Urban Guarantee Corporation), private companies such as KCC, Commax, Shinhan Wallpaper, and the expertise of Habitat for Humanity Korea (specialized home repair technology).

Since 2018, starting with three regions?Jeonju, Gangneung, and Yeongju?the Ministry of Land, Infrastructure and Transport has improved the poor residential environments of about 500 households in 14 locations over three years. Monitoring after the support project showed that the average annual energy consumption was reduced by 28%, and the annual utility bill was reduced by about 250,000 KRW.

This year, through application reception (April 30) and document evaluation (May 14), five regions?Geumsan in Chungnam, Seo-gu in Busan, Taebaek in Gangwon, Paju in Gyeonggi, and Tongyeong in Gyeongnam?were selected as project sites. Based on this agreement, the Ministry plans to improve the residential living environment of about 200 households.

Choi Im-rak, Director of Urban Policy at the Ministry of Land, Infrastructure and Transport, said, "The public-private partnership type aged housing improvement project is a meaningful project where private, public, and nonprofit organizations (NPOs) cooperate to demonstrate their expertise and realize social public value. We plan to continuously cooperate with support organizations so that residents living in vulnerable areas can have improved basic quality of life and receive practical benefits."

Kim Hee-su, Director of Regional Balance at the National Balanced Development Committee, stated, "Since this is a win-win model that increases the happiness of local residents by creating synergy through joint participation of the public and private sectors, I hope that more companies and public institutions will join so that our surroundings become a warmer society."

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