LH to shorten compensation timelines for public housing sites, with concurrent processing and incentives on offer

[Financial News] Korea Land and Housing Corporation (LH) will run compensation procedures in parallel and expand its dedicated staff to speed up housing supply in the Third New Towns and newly designated public housing sites. It is also preparing to put cooperation incentives into effect as soon as they are launched, encouraging residents to cooperate voluntarily with compensation and relocation.
LH said on the 29th that it had held a meeting on compensation issues, chaired by President Lee Seong-hun, at its Jinju headquarters on the 28th. Compensation officials from major districts in the Seoul metropolitan area, including the Third New Towns, Gwangmyeong-Siheung and Seoripul, attended.
The meeting first discussed continuing to increase compensation staff and assigning personnel exclusively to adjudication work. The plan is to begin preparing applications for adjudication while compensation negotiations are underway, thereby shortening the overall time required.
LH is also refining procedures to put the cooperation incentive scheme into practice on the ground. Details of the scheme, promulgated in June, including eligible recipients and payment amounts, are under discussion at the government level. LH plans to develop an implementation plan with the Ministry of Land, Infrastructure and Transport (MOLIT) and apply it on the ground as soon as the scheme takes effect.
LH is also preparing for a legal amendment that would bring forward the selection of appraisers. A bill to amend the Special Act on Public Housing, introduced on the 16th, would allow the selection process to begin before land and property inventories are drawn up. LH is revising its internal procedures so it can apply the changes immediately if the bill passes and takes effect.
LH is seeking solutions with MOLIT to delays in relocation that persist even after an expropriation adjudication. It is also pursuing plans to outsource efforts to encourage relocation and the handling of possession lawsuits.
LH President Lee Seong-hun said, “Now is the time to actively explore every means and method of bringing forward compensation procedures to speed up housing supply,” adding, “We will boldly remove unnecessary procedures and regulations that hinder housing supply and establish various incentive schemes early on to dramatically accelerate supply.”
[email protected] Choi Ga-young Reporter