The fifth-largest city in South Korea is expected to tackle its housing issues by providing financial support to encourage more owners of aged buildings put them up for lease, with plans to select business partners and locations already under way, according to the local government on Tuesday. (Image: Kobiz Media)
DAEJEON, NOV. 22 (Korea Bizwire) – The Daejeon municipal government has announced plans to support remodeling projects for aged buildings and lease them to low income earners in the region at affordable prices.
The fifth-largest city in South Korea is expected to tackle its housing issues by providing financial support to encourage more owners of aged buildings put them up for lease, with plans to select business partners and locations already under way, according to the local government on Tuesday.
The project is expected to take place for both houses and residential buildings in a number of areas in the region including Dong District, Daedeok District, and Jung District in Daejeon.
According to the Daejeon government, seven business partners have been selected for the new remodeling project for aged residential buildings, after a public contest was held.
Each apartment building is expected to be on the receiving end of up to 10 million won, which will be used to cover the remodeling expenses.
When the aged buildings are revamped, the building owners will be required to put their property up for lease at half the market price for low-income earners that are not homeowners over the next three years.
“When the new project goes to plan, we can expect to not only see living conditions improve, but also to bring housing stability to low-income earners, and increase profits from lease for buildings owners,” a city official said.
Ashley Song (ashley@koreabizwire.com)
