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Low income housing policies in Korea : Evaluations and suggestions

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Frame of Image ousing has been the main vehicle of low income housing policies in Korea for which favorable treatments are provided in terms of land acquisition, long-term below-market-rate financing, and tax deductions and exemptions. There has been a steady increase in the volume of Chonsei deposit loans for low income households from the National Housing Fund. In 2003, the volume of the loans was about 12 times larger than that in 1996. Also, with the enactment of National Basic Livelihood Security Act in 1999, a housing benefits program was newly introduced in which housing benefits are made based on the number of household members.
In spite of these efforts, housing conditions of low income households have not been much improved as expected and the gap of housing conditions between income classes is still large. Analysis of the data of the Population and Housing Census in 2000 shows that about 3.3 million households, approximately 23 percent of the total number of households, are living in deteriorated and very poor dwellings which do not meet the minimum housing standards. Also, their burden of housing costs has been growing heavier due to a sharp increase in housing price after 2001 and the inequality of housing wealth distribution has become worse than that of income distribution. About 15% of newly constructed housing units after 1982 are public rental housing units. The ratio of public rental housing units to the total of newly constructed housing units has been higher during the


Full Text
Title Low income housing policies in Korea
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Sub Title

Evaluations and suggestions

Material Type Articles
Author(English)

Chung, Eui-Chul

Publisher

[서울]:Konkuk University

Date 2005
Pages 24
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Territorial Development < General
Social Development < Population
Holding Korea Development Institute: KDI School

Abstract

In this paper, current housing conditions of low income households as well as institutional arrangements for low income housing policies are carefully analyzed. Also, current housing policies for low income households in Korea are systematically evaluated and suggestions are made for future directions of policy changes. For several decades, direct provision of public rental housing has been the main vehicle of low income housing policies in Korea for which favorable treatments are provided in terms of land acquisition, long-term below-market-rate financing, and tax deductions and exemptions. There has been a steady increase in the volume of Chonsei deposit loans for low income households from the National Housing Fund. In 2003, the volume of the loans was about 12 times larger than that in 1996. (The rest omitted)

User Note

“Residential Welfare and Housing Policies: The Experience and Future of Korea“
[국제회의] 주거안정과 주택정책: 한국의 경험과 미래