KREB to Fully Launch Resident Decision-Making Support Program, Eliminating Uncertainty

[Financial News] The Korea Real Estate Board will implement its resident decision-making support program again this year, following its launch last year.
KREB announced on the 9th that it would implement the resident decision-making support program together with the Ministry of Land, Infrastructure and Transport (MOLIT).
The program was launched to eliminate uncertainty during the early stages of redevelopment and maintenance projects. At this stage, project organizers must determine whether requirements for drafting plans under laws and ordinances have been met and assess project feasibility. However, the procedures are complex, and many projects face difficulties getting off the ground. As a result, some projects lose momentum from the outset.
KREB plans to provide comprehensive support to eliminate such uncertainty. Specifically, it will review legal requirements for drafting plans, conduct preliminary feasibility reviews to support residents’ decision-making, provide an on-site redevelopment and maintenance project consultation service, and offer preliminary reviews of plan-drafting decisions. The goal is to eliminate uncertainty while enabling projects to move forward quickly.
The program was implemented last year and received a strong response. This year, KREB will expand the areas eligible for support and provide continued monitoring after assistance is provided, supporting projects through to the end so that the plan-drafting process can proceed in practice.
Applications can be submitted through the KREB website.
A KREB official said, "To expand housing supply in urban areas, it is important to support rational decisions on whether to proceed with a project during the early stages of redevelopment and maintenance projects." The official added, "We will continue expanding public support functions in the early stages of such projects, including resident decision-making support, reviews of plan-drafting requirements, and on-site information sessions, thereby contributing to the foundation for urban housing supply."

[email protected] Jung Kyung-soo Reporter