The Korea Land and Housing Corporation (LH) announced that it has secured more applications than its target for this year's non-residential remodeling project. The initiative aims to convert vacant commercial spaces and offices in urban areas into public rental housing for young people and newlyweds.
On October 6, LH revealed that it received a total of 2,125 applications, surpassing its goal of 2,000 units for the 2026 non-residential remodeling project.
The non-residential remodeling project involves transforming vacant commercial properties, offices, lodging facilities, and knowledge industry centers into quasi-residential or residential units for public rental housing aimed at young people and newlyweds.
To quickly expand housing supply in urban areas, LH improved the application conditions to encourage more participation from businesses.
Initially, the application deadline was extended from September 9 to September 30. This change was made to broaden participation opportunities based on feedback gathered during a business meeting held on July 30.
LH also reduced the documentation burden for applicants. Instead of submitting extensive paperwork, applicants can now submit a brief letter of intent containing basic information about the property, allowing LH to assess eligibility and provide time for preparing the full application.
By lowering the burden of preparing multiple application documents in a short time, LH aims to reduce barriers to participation and encourage more applications.
As a result, LH secured a total of 2,125 applications, exceeding its initial target of 2,000 units. The organization plans to conduct document reviews in October and purchase deliberations in November, with formal agreements expected to begin by the end of the year.
In a context where securing new land for housing in urban areas is challenging, non-residential remodeling is gaining attention as a means to quickly increase rental housing for young people and newlyweds by utilizing vacant assets.
LH President Lee Seong-hoon stated, “By actively implementing system improvements to reduce the burden of private sector participation and secure quality properties in urban areas for young people and newlyweds, we have been able to exceed our application target. We will continue to pursue follow-up procedures to diversify housing supply methods, including remodeling, to help alleviate rental difficulties in urban areas.”
* This article has been translated by AI.
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