South Korea will broaden a program that converts stalled, delayed or potentially delayed real estate project financing (PF) sites into rental homes purchased by Korea Land and Housing Corporation (LH). The pilot produced purchase agreements for 12 sites and about 2,600 units, and this year’s program will extend beyond distressed projects to normally progressing sites facing financing-related construction delays, as well as completed and nearly completed properties. The acquisition tax reduction for developers selling new construction will rise to 70% from 15% through next year, while LH’s land acquisition support will increase to as much as 80% of land costs. The Financial Services Commission, Financial Supervisory Service, Ministry of Land, Infrastructure and Transport and LH will meet on the 27th to review progress and discuss making cooperation routine. The homes, including newly built units in urban locations near subway stations in the greater Seoul area, are expected to be offered to young adults and newlyweds at below-market rents.