SH Corporation Announces Public Contest for Street Housing Redevelopment Project... Benefits Including Simplified Procedures

SH Corporation and Residents Joint Implementation Method
Announcement on the 30th, Applications in September... Project Sites to be Selected in the First Half of Next Year

[Asia Economy Reporter Kim Hyemin] Seoul Housing and Communities Corporation (SH Corporation) announced on the 29th that it is recruiting participants for the 'SH Participatory' Street Housing Redevelopment Project.

The Street Housing Redevelopment Project is a project that renovates aging residential areas on a small scale while maintaining the existing street blocks. This recruitment is conducted in a way that SH Corporation and residents act as joint project implementers.

The Street Housing Redevelopment Project has simpler procedures compared to reconstruction, and support such as project cost loans is provided. As of last month, 102 associations have been established in Seoul. Among them, 12 projects have started construction, and 8 projects have been completed, showing tangible results.

Last year, SH Corporation conducted two rounds of recruitment for the SH Participatory Street Housing Redevelopment Project. Through the first recruitment, architectural design is underway in four locations including Mangwon-dong, Mapo-gu, and Ogeum-dong, Songpa-gu in Seoul, and support for resident consultation and association establishment is being provided for 24 sites from the second recruitment.

SH Corporation plans to provide various supports such as fund loans, project stabilization, relocation, and various incentives for the target sites this time as well. The loan interest rate will be reduced from 1.5% per annum to 1.2%, and the limit will be raised from 50% to 90% of the total project cost. Relocation loans (1.2% per annum) up to 70% of the appraised value of existing assets (land and housing) will be provided to prevent relocation delays. If more than 10% of public rental housing is constructed, incentives such as expansion of the implementation area, relaxation of floor area ratio and height restrictions, and exemption from the pre-sale price ceiling system will also be provided.

The announcement will be posted on the corporation's website by 5 p.m. on the 30th. Applications will be accepted from September 1 to 15 through non-face-to-face methods such as mail and email. Afterward, through project feasibility analysis, resident consultation, and selection evaluation, the final project sites will be selected in the first half of next year.

Hwang Sangha, Acting President of SH Corporation, said, "Through the SH Participatory Street Housing Redevelopment Project, we will contribute to improving the environment of aging low-rise residential areas in Seoul and expanding housing supply," and added, "We hope for active interest and participation from residents in this recruitment as well."

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