Seoul City Invests 9.2 Billion Won in Old House Repairs... Subsidies Up to 12 Million Won

Seoul Gakkum Housing Project Launches... Loan Support Up to 60 Million Won

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 7th that it will invest 9.2 billion KRW this year to support repair costs for old and deteriorated houses in low-rise residential areas through the ‘2022 Seoul Beautiful House Repair Support Project.’

The ‘Seoul Beautiful House Repair Support Project’ is a program initiated by the Seoul Metropolitan Government in 2016 to improve the living environment of residents in aging houses concentrated in low-rise residential areas by partially subsidizing (granting and lending) repair costs.

For the repair subsidy and loan program, support is available for old low-rise houses within the housing performance improvement support zones, while other old houses are supported through an interest subsidy program. Repair subsidies cover up to 50% of construction costs, with a maximum of 12 million KRW for detached houses, and loans cover up to 80% of construction costs, with a maximum of 60 million KRW.

Seoul announced the recruitment for repair applicants on the same day and will accept applications through the district offices where the houses are located from April 29 to May 13, a period of 15 days. The city will prioritize repair subsidies for vulnerable groups such as basic livelihood security recipients, and for general applicants, support recipients will be selected through preliminary evaluations by autonomous districts and city-level review.

Additionally, the additional subsidy for energy efficiency improvement works, which started last year, will continue. To reduce greenhouse gas emissions from old houses, if materials exceeding the recommended usage standards are used, an additional subsidy equivalent to 10% of the relevant work type will be provided.

Meanwhile, starting this year, only construction companies that have completed certain training and are registered on Jipsuri.com can participate in the repair subsidy program. However, participation will be allowed if the registration procedure can be completed before the subsidy commencement report.

Yeo Jang-kwon, Director of the Seoul Metropolitan Government’s Balanced Development Headquarters, said, “We will reduce the repair cost burden for citizens living in old houses in low-rise residential areas and provide more systematic repair support through visiting consultation services,” adding, “We hope many citizens will participate in the Seoul Beautiful House project to live in a more pleasant environment.”

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