Seoul City Supports Home Repairs for Aging Houses in Ui-dong, Gangbuk-gu

Relaxation of Floor Area Ratio for Self-Built Houses in Siheung-dong, Geumcheon-gu

Residential Performance Improvement Support Area around 39-2 Ui-dong, Gangbuk-gu. (Provided by Seoul City)

[Asia Economy Reporter Kim Hye-min] The area around 39-2 Ui-dong, Gangbuk-gu, Seoul, has been designated as a zone to revitalize repairs of aging low-rise residential buildings.

On the 23rd, Seoul City held the 6th Urban Regeneration Committee Small-scale Housing Authorization Subcommittee and announced on the 24th that this area was newly designated as a Housing Performance Improvement Support Zone.

This area is densely populated with low-rise houses of four floors or less. More than 60% of the buildings are houses that have been approved for use for over 20 years, resulting in poor residential conditions and raising the need for maintenance and improvement.

Once designated as a Housing Performance Improvement Support Zone, residents can receive repair subsidies and loans through the Seoul Beautiful House Project. Repair subsidies can cover up to 50% of the costs for housing performance improvement works such as insulation and waterproofing, with a maximum of 15.5 million KRW. New construction loans offer low-interest financing at an annual rate of 0.7%, covering up to 80% of construction costs and a maximum of 100 million KRW.

With this new designation, there are now 160 Housing Performance Improvement Zones in Seoul, accounting for 25% of the 111 square kilometers of low-rise residential areas.

Seo Seong-man, head of Seoul City's Balanced Development Headquarters, said, "The newly designated area is a maximum height district, and we expect residential environment improvements through Seoul City's house repair support projects. We will continue to actively identify areas where development is difficult for balanced regional development and designate zones by reflecting residents' opinions as much as possible."

Meanwhile, at the committee meeting, the autonomous housing maintenance project implementation plan for plot 210-4, Siheung-dong, Geumcheon-gu, was also approved with modifications. Of the 16 units supplied as multi-family housing, 11 units are planned as public rental housing, allowing relaxation of the floor area ratio to the legal maximum limit.

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