Eunpyeong District Accelerates "Redevelopment Projects" in Line with Government's Housing Fast-Track Supply Policy

Notification Period for Estimated Contribution Reduced from 60 to 30 Days
Simultaneous Advancement of Administrative Procedures

On August 28, Eunpyeong District in Seoul (District Mayor Kim Mikyung) announced that it will provide step-by-step support for local redevelopment projects in line with the government's "Housing Fast-Track Supply Plan."

View of Eunpyeong District Office. Provided by Eunpyeong District Office.

The "Housing Fast-Track Supply Plan" announced by the Ministry of Land, Infrastructure and Transport on August 13 includes measures to ease regulations and improve procedures for redevelopment projects. These measures involve lowering the consent rate required to establish redevelopment associations from 75% to 70%, relaxing mandatory park area requirements when supplying small-scale housing, and rationalizing the loan-to-value (LTV) calculation method for relocation loans.

Eunpyeong District will proactively support the association establishment procedures from the early stages of redevelopment projects and reduce the administrative period related to the notification of estimated contribution fees.

First, the district will support the pre-procedures for establishing associations even before the official designation of a redevelopment zone. By forming a project promotion committee and securing a consent rate of more than 75% for association establishment, it will allow the drafting of articles of association and the election of executive members. In addition, the notification and objection period for estimated contributions, which previously took more than 60 days after a redevelopment zone was designated, will be reduced to 30 days and can be carried out concurrently with the inaugural general meeting.

The district will continue to monitor the revision of government laws and guidelines and promptly respond to changes in the system. The finalized policies and required preparatory actions will be communicated according to the progress stage of each project.

District Mayor Kim Mikyung said, "We will strengthen administrative support to ensure that the government's system improvements translate into tangible acceleration of projects on the ground," adding, "We will closely monitor the progress of each project, minimize unnecessary procedures and wait times, and actively support the speedy promotion of redevelopment projects."

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