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

Suyudong 316-11 Area Designated as Residential Performance Improvement Support Zone

Newly designated residential performance improvement support area around 316-11 Suyu-dong, Gangbuk-gu. (Provided by Seoul City)

[Asia Economy Reporter Kim Hyemin] The Seoul Metropolitan Government has newly designated the Suyu-dong area in Gangbuk-gu as a 'Housing Performance Improvement Support Zone' to support home repairs in low-rise, aging residential areas.

On the 15th, Seoul held the 1st Urban Regeneration Committee Small-scale Housing Subcommittee and announced on the 16th that it had passed the new designation plan for the area around 316-11 Suyu-dong, Gangbuk-gu (220,768㎡).

The target area around Jangmiwon Market is a region densely populated with low-rise houses of four stories or less. More than 60% of the buildings are aging houses that have been in use for over 20 years, resulting in poor residential conditions and raising the need for home repair support.

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 construction cost, with a maximum support of 12 million KRW. The home repair loan offers a low-interest loan at an annual rate of 0.7%, covering up to 80% of the construction cost, with a maximum of 60 million KRW.

With this new designation, the number of housing performance improvement zones in Seoul has reached 169 locations, covering a total of 28㎢, which accounts for 25% of Seoul's 111㎢ of low-rise residential areas.

Yeo Jang-kwon, Director of the Seoul Metropolitan Government's Balanced Development Headquarters, stated, "We will continue to actively identify areas where development is difficult and designate them as Housing Performance Improvement Support Zones to improve residential environments."

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