President Lee “No construction projects will be halted due to lack of funds…extend financial loans as much as possible”

President Yoon Jae-myeong instructed on January 1st for the government to mobilize all financial support and expedite the permitting process for housing construction in the capital. At the National Security Council meeting held at the Blue House, President Yoon checked the current housing construction situation in the capital and explained, "Almost half of the housing permits issued since 2022 have been canceled, causing a severe supply bottleneck."

He emphasized, "While constructing housing is necessary to revive the construction economy and boost domestic demand, this is also directly related to the economic recovery policy."

The President emphasized, "If we can build even one house, we will speedily obtain permits, commence construction, and complete the buildings." The government is pursuing legislation to designate the authority for approving renovations and redevelopment projects of houses under 500 square meters to the district chiefs. The President highlighted the government's financial support commitment, stating, "There is no housing construction that we cannot undertake due to lack of funds.

Almost all financial loan programs have been fully implemented. We have expanded financial loans to the maximum extent possible."

Regarding the permitting process, the President proposed adopting a single-window system involving the central, local, and basic governments. He urged, "If there are any difficulties with the approval process, please entrust the unified system to the central, local, and basic governments. I want the application to be promptly processed and completed."

The President stressed, "First, we will provide single-window services as quickly as possible, and second, we will prevent construction from being delayed due to financial issues. The government will mobilize every possible means to achieve this. Please be aware of this."