Seodaemun-gu Offers "Interest-Free Loans for Safety Inspection Costs" to Reconstruction Complexes

Seodaemun-gu, Seoul (Mayor Lee Seongheon) has decided to lend safety inspection costs interest-free to aging complexes in the district that wish to undergo reconstruction. On the 25th, Seodaemun-gu announced that complexes designated as 'Reconstruction Safety Inspection Target Complexes' with the consent of the majority of landowners can receive loan support if they sign an agreement with the district office (including details on safety inspection costs, repayment methods, and deadlines).

To encourage greater resident participation in the project, the district has set different support ratios relative to the safety inspection costs based on the 'loan support application consent rate.' The loan support amount for safety inspections is at least 10 million KRW, and if the consent rate of landowners is ▲80% or higher, 100% of the reconstruction safety inspection costs are supported ▲if below 80%, 75% ▲if between the majority and less than 60%, 50% is supported.

The loan period is up to 10 years or until the application for project implementation plan approval. When a constructor is selected, the loan must be repaid within 30 days from the selection date. However, the 'guarantee insurance fee' must be borne by the resident representatives requesting the safety inspection (up to 10 people). This is a minimal safety measure since the district budget is being used. As of 2023, there are six apartment complexes in Seodaemun-gu over 30 years old that are subject to reconstruction.

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