Cooperation Housings To Be Protected From The Dishonor Damages

Cooperation housings, like regular apartments, are anticipated to be subject to the guarantee for sales and the guarantee for construction during the latter half of the year. A measure will be introduced during the latter half of the next year, by which the construction company should compensate for the amount of damage when a member of the cooperation suffers a loss due to the delay of the business, which is not the fault of the member. The Ministry of Construction and Transportation announced yesterday that it would reform the `District and Work Housing Cooperation System` and assigned the service of the system reform to the Academy of Korea Housing. The Ministry of Construction and Transportation plans to enforce some part of the reform measures during the latter half of the year before the service result comes out.

The Ministry of Construction and Transportation has decided to include the cooperation housings and the resident-business complex apartments into the subjects of the Korea Housing Guarantee Co. Ltd., which guarantees sales and enforcement. The Ministry plans to revise the related regulations during the latter half of the year. The Ministry has also decided to open the business process as well as the contents of the cooperation fee usage to the public, and to supplement the `cooperation regulations` in order for members of the cooperation to see anytime they want.

The Ministry of Construction and Transportation has decided to revise the cooperation related law. The revised law does not allow an unauthorized cooperation by the city-county-district to run the advertisement to recruit cooperation members. According to this law, even authorized cooperation should report to the city-county-district before running the advertisement for the recruitment. The Ministry has decided to introduce the `Cooperation Business Agency System` that will train the agencies, which are experts in the cooperation business. `District and Work Housing Cooperation` is a system that enables both people, who do not own a house and do not have subscription bankbook, and residents of the small size house to buy one’s house.

Hwang Jae-Seong jsonhng@donga.com