Yeongju-si Selected for 'Hyucheon 2-dong New: Village Project'... Secures 17.5 Billion KRW in National and Local Funding

Urban Old Town Residential Environment Improvement Project Accelerates Residential Environment Enhancement

Yeongju City in Gyeongbuk announced on the 24th that the ‘Hyucheon 2-dong New: Village Project’ has been finally selected in the 2024 Urban Regeneration Project competition hosted by the Ministry of Land, Infrastructure and Transport.

The ‘New: Village’ project is one of the three major innovation tasks announced by the government last March. It aims to transform low-rise residential areas such as aging detached houses and villas, where full redevelopment is difficult, into livable residential areas by supporting resident-led housing maintenance and the creation of convenience facilities.

Last year, Yeongju City conducted a site suitability review service under the ‘Special Act on Vacant Houses and Small-scale Housing Maintenance’ and selected the residential area near Homeplus in Hyucheon 2-dong as the project area, then applied for the competition in October this year.

Location map of the 'Hyucheon 2-dong New: Village Project' target site.

Following the selection of this project, the city plans to invest a total of 25 billion KRW over the next five years (including 15 billion KRW in national funds and 2.5 billion KRW in provincial funds) to install △ one resident exercise complex facility △ one community library complex facility △ three parking lots in the Hyucheon 2-dong area.

In addition, the city will establish a comprehensive support system reflecting residents’ opinions for private autonomous housing maintenance, including customized consulting, design, and permit support, and will collaborate with the Yeongju Architectural Society to systematically promote the project.

The city expects that once the ‘New: Village’ project is completed, the aging downtown area will be transformed into a pleasant and attractive residential area, improving the quality of life for existing residents and revitalizing the influx of new population.

Mayor Park Nam-seo said, “The national funds secured through this competition will serve as a valuable catalyst for the maintenance of aging residential areas,” adding, “We will do our best to create a pleasant and safe living environment and transform the old downtown into a livable area.”

The city plans to accelerate systematic and sustainable policy implementation for revitalizing the old downtown and improving the residential environment, using this project as a turning point.

Conceptual diagram of the 'Hyucheon 2-dong New: Village Project'.

This content was produced with the assistance of AI translation services.