Compensation meeting held to speed up housing supply
'Early incentive rollout, unnecessary red tape to go'
Korea Land and Housing Corporation announced Thursday that it held a compensation issues meeting at its headquarters in Jinju on Wednesday, chaired by President Lee Sung-hoon, to find ways to accelerate the supply of third-generation new towns and new public housing sites.
The meeting was convened to explore measures to speed up compensation procedures in line with the government's push to increase the pace and expand housing supply.
President Lee Jae Myung recently visited the third-generation new town site in Incheon's Gyeyang district, where Lee called for land compensation and acquisition procedures to be expedited. Lee also requested that legal mechanisms be put in place to address cases where project timelines are delayed by residents who refuse to vacate after receiving compensation payments.
At the meeting Wednesday, the corporation decided to accelerate progress through early and parallel task execution to shorten the compensation period, while also moving to streamline procedures so that incentive programs — including a cooperation incentive payment — can be launched without delay once established.
The cooperation incentive payment program, which was promulgated in June, is currently under government-level discussion regarding eligible recipients and payment amounts. The corporation also plans to continue expanding its compensation workforce and to assign dedicated staff for adjudication work, with the aim of initiating adjudication applications at the same time compensation negotiations begin.
Once a proposed amendment to the Special Act on Public Housing — which would allow the appraisal firm selection process to begin before land and property registers are drawn up — passes the National Assembly, the corporation plans to apply it immediately at compensation sites.
"Now is the time to actively explore every means and method available to bring forward compensation procedures, with the goal of speeding up housing supply," Lee said. "We will boldly sweep away unnecessary procedures and regulations that stand in the way of housing supply, and dramatically accelerate the pace of supply by putting various incentive programs in place at the earliest opportunity."
lucky@heraldcorp.com
