Renovation programs in Seoul
Goal
Citizens to improve their housing conditions
Project
- After a demonstration project (40 houses) conducted in 2017, SMG rebuilds non-residential premises into regular residential houses, called social reconstruction houses.
- SMG covers 80% of restructuring costs (up to 200 million won) and loans up to 90% of operating funds.
- Single-person youth families can rent a residential home for six to 10 years for 80 percent of the market price in nearby neighborhoods.
- Throughout the year, SMG supports housing cooperatives, social enterprises, non-profit cooperatives, etc. etc., who want to participate in the project. It is hiring.
Non-residential buildings will be redeveloped as part of the public social housing for young people. Projects of new houses.
It includes common areas (kitchen, common room, shower and toilet) and living rooms. The cost of renting an apartment in such a new building will be 20% lower than the standard rental rate for each neighborhood. The project will include buildings built 15 years ago and earlier
2017 Demonstration Project (40 homes)
2018 Renovation of 290 homes.
Debt financing could be up to 90% of project cost, ratio is 3%
80% of the project costs will be covered by the municipality
