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Busan City Signs MOU to Provide Housing Support for Residents of Grade E Apartments

◈ On April 15 at 14:00, Busan City brokered an MOU between Jung-gu, Yeongdo-gu, LH (Korea Land and Housing Corporation), and Busan Metropolitan Corporation to begin full-scale support for the relocation of residents from hazardous buildings.

◈ The agreement establishes an inter-agency cooperation system to ensure the prompt relocation of residents, with rental housing to be provided without initial eligibility requirements.

◈ Mayor Park Heong-joon stated, “We will provide all necessary administrative support to ensure that those exposed to danger can quickly move into a safe and stable living environment through effective housing assistance.”

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On April 15 at 14:00, Busan Metropolitan City signed a housing support Memorandum of Understanding (MOU) with Jung-gu, Yeongdo-gu, Korea Land and Housing Corporation (LH), and Busan Metropolitan Corporation to facilitate the relocation of residents living in high-risk Grade E apartment buildings.

Grade E apartments are buildings designated as hazardous due to serious structural deficiencies and prohibited from use. Currently, 25 households in 4 buildings across Busan are still residing in such facilities due to financial hardship and restrictions in rental housing eligibility, delaying their relocation.

The MOU outlines a cooperative framework to enable the timely and safe relocation of these residents. Under the agreement:

• ●Rental housing will be supplied without initial eligibility conditions.

• ●Move-in support will be provided through disaster management funds.

• ●11 rental units are currently secured for immediate use.

• ●For jeonse (lease) rentals, LH and Busan Metropolitan Corporation will subsidize up to 90% of the deposit, up to KRW 30 million.

Initial leases will be offered for two years without standard qualification requirements and may be renewed every two years upon meeting criteria. Residents designated as emergency relocation beneficiaries will also receive moving cost support and security deposit loans.

Since February, Busan City has facilitated over three rounds of negotiations among the involved institutions, leading to the successful conclusion of the agreement.

This initiative marks a proactive step in resolving disaster-prone housing issues and improving housing safety for vulnerable groups. Busan City plans to continue expanding cooperative housing support models and improving institutional frameworks.

Mayor Park Heong-joon emphasized:

“This agreement represents our public responsibility to safeguard citizens’ lives and safety. We will spare no effort to ensure that residents exposed to risk can relocate swiftly to a stable living environment through effective and timely support.”