SEJONG, Sept. 14 (Korea Bizwire) – Glimpses of the future – 57 to be exact – were distributed by the Ministry of Land, Infrastructure and Transport to regional (metropolitan, provincial and special) governments on September 14.
President Moon’s “New Deal”, a promise of urban renewal, was one of his core campaign proposals, and the 57 business models sent out by the ministry will be reviewed by the various regional governments and chosen based on local suitability.
The models provide varying benefits such as public housing welfare, university students’ residences and workspaces, and cutting-edge, tech-based utilities.
One of the proposals, referred to as the “Public Housing and Facilities Model”, offers various incentives to encourage participation in the renovation and transformation of low-story, decaying residential buildings.
Investors who participate can, by designating part of the total ground area for the construction of public housing, apply to the authorities to ease restrictions on the maximum floor area ratio (FAR) allowed. They will also be eligible for low interest loans from the Korea Housing and Urban Guarantee Corporation to help with seed money and construction costs.
Public enterprise Korea Land and Housing Corporation (LH) will then purchase the public housing structures and rent to low-income households. Local governments will install communal facilities like libraries, preschools and parking areas using the lower and basement levels.
The “Youth Employment and Job Creation Model” will be attached to local universities and will construct support facilities for business startups in an effort to buttress job growth.
Some of the possibilities include: rental homes targeted towards youth, startup support programs like consulting and training, establishment of a town business enterprise or the construction of a center for business startups.
The proposal will provide support for businesses started by youth while ensuring they don’t suffer from concerns over living quarters. The ministry also expects this model to vivify the commercial districts in the vicinity.
Another standout proposal is the “Smart City Model”, which will incorporate the latest in internet and communications technology like energy efficient smart street lamps.
Regional governments and the region’s residents will categorize their choices among the models into five categories: “Rejuvenating our Community”, “Housing Support”, “The Neighborhood Model”, “The Downtown Model” and “The Economic Support Model”.