On June 10, the Democratic Party of Korea unveiled its "Housing Supply Plan for Low-Income and Homeless Citizens in the Seoul Metropolitan Area."
The plan, developed by the Special Real Estate Committee (Chairman Kim Jin-pyo, Supply Subcommittee Secretary Park Jung), introduces the "Nuguna Jib 5.0" initiative. This program aims to provide opportunities for low-income households, newlyweds, and young people to own homes, with an initial pilot project of 10,000 units.
On the same day, Park Jung detailed the housing initiative, emphasizing that the "Nuguna Jib" model focuses on strengthening the housing ladder and ensuring accessibility for underserved communities.
Specific Supply and Expansion Plans
The "Nuguna Jib 5.0" pilot project targets six regions: Incheon, Ansan, Hwaseong, Uiwang, Paju, and Siheung. A total of 10,785 housing units will be built on designated sites, with business operators expected to be selected within the year. Construction is anticipated to begin in early 2022.
For the Second-Phase New Town Reserve Sites, areas such as Hwaseong Dongtan 2, Yangju Hoecheon, Paju Unjeong 3, and Pyeongtaek Godeok will be partially converted into residential use, providing an additional 5,800 units. Pre-sales for these homes are expected to take place by mid-2022.
Strengthening Collaboration and Expanding Supply
The Democratic Party also plans to reinforce cooperation through a Task Force (TF) consisting of party members and the Seoul City Council. This TF aims to fast-track major housing policies, including the 3rd New Town Project, August 4 Measures, February 4 Measures, and May 27 Measures, with detailed announcements to be made biweekly. By the end of June, the party will release plans for identifying and developing mixed-use sites in urban centers such as Seoul.
Comments from Leadership
Kim Jin-pyo, chairman of the Special Real Estate Committee, expressed the party's commitment:
"We will continue to identify more housing supply opportunities through the Party-Government-City Council TF to help low-income households and young people achieve their dream of homeownership."
Park Jung emphasized the innovative approach of the plan, stating:
"Nuguna Jib 5.0 introduces a profit-sharing housing model where development benefits are shared with residents. By making this initiative a success, we aim to revolutionize Korea’s housing paradigm."
He added that discussions with an additional 10 local governments are underway to expand the pilot program to more regions within the year.
This housing initiative reflects the Democratic Party's ongoing efforts to address housing issues and ensure equitable access to homeownership for all citizens.
