The “Home Parking Lot” project, an initiative aimed at addressing the parking shortage in residential areas by converting unused spaces, such as vacant lots, into parking lots. (Image courtesy of Seoul City)
SEOUL, Feb. 26 (Korea Bizwire) – The Seoul Metropolitan Government announced on February 25 that it is seeking participants for its “Home Parking Lot” project, an initiative aimed at addressing the parking shortage in residential areas by converting unused spaces, such as vacant lots, into parking lots.
This project, initially introduced in 2004 under the name “Green Parking Lot,” supports homeowners by subsidizing construction costs when they demolish fences or gates to create parking spaces. To date, this initiative has resulted in the creation of 61,498 parking spots.
For this year, the city has set a goal to establish an additional 813 parking spaces.
The funding for the project has been increased: from 9 million won to 10 million won per space for demolishing walls, and from 2.4 million won to 3 million won per space when utilizing vacant land.
For the demolition of walls, the city provides up to 10 million won for each parking space created, with an additional 2 million won for each extra space, up to a maximum of 30 million won.
When converting neglected vacant land in residential areas into parking lots, the city offers up to 3 million won for each space, with additional funding up to 1.5 million won per space for projects exceeding 20 spaces.
Furthermore, the subsidy for creating parking spaces at apartment complexes (multi-family homes) has been raised from 700,000 won to 1 million won per space.
Residents interested in participating in the project can inquire and apply through the relevant department in their local district office.
M. H. Lee (mhlee@koreabizwire.com)
