1. Reasons for Amendment and Major Provisions

Project implementers that are carrying out improvement projects in connection with public funding are facing difficulties in making normal progress due to recent increases in the prices of raw materials making it necessary to increase construction costs.

The sale price of publicly-funded private rental housing, which becomes the earnings of project implementers, is determined when the project implementation plan is approved irrespective of construction costs. There are no provisions to adjust the sale price even if construction costs are later contracted at higher amounts and as a result, the burden is borne entirely by the project implementers.

Accordingly, this Amendment partially amends provisions to prescribe the scope, procedure, and other regulations for price adjustment so as to enable project implementers to discuss and adjust the sale price if construction costs are contracted at higher amounts due to recent increases in the prices of raw materials.