The Ministry of Land, Infrastructure and Transport, along with Korea Land and Housing Corporation (LH), has selected four winning entries in the “New LH Created with the People” contest. The ministry sought ideas for LH reform from the public, receiving a total of 392 policy ideas.
LH announced on the 15th that it selected one grand prize, one excellence prize, and two merit awards, totaling four winners from the public idea contest. The grand prize went to the idea for an “Upcycle Living Town for Young Entrepreneurs Utilizing Non-performing Loans (NPLs).” This proposal aims to address the rising cost of acquiring urban land for public housing supply by leveraging real estate-backed NPLs. It suggests analyzing these NPLs with AI and data to purchase land at reasonable prices compared to the market value. The acquired land would then be used to construct public housing that considers the needs of young entrepreneurs, with lower floors providing workspace and collaboration areas, and upper floors serving as living spaces for young entrepreneurs.
The excellence prize was awarded to a “Community-based Welfare Town Model Integrating Housing, Care, and Employment.” This proposal envisions various social groups living in public housing and receiving continuous care services, with senior cafes, social cooperatives, shared kitchens, and libraries included within the housing complex.
The merit awards went to two ideas: one for the development of a citizen-participation-based site supervision platform that allows for real-time anonymous reporting of safety and quality issues on construction sites, and another for a residential integration platform that provides optimal housing recommendations by life cycle and handles applications, loans, and digital contracts at once.
The Ministry of Land, Infrastructure and Transport plans to hold an award ceremony on the 16th, creating an opportunity for the LH Reform Committee and the winners to discuss specific implementation directions. The ministry expressed gratitude for the high level of public participation and interest despite the difficult topic of LH reform, stating, “We will seek concrete measures to link the ideas proposed by the public to LH reform.”