Busan has received an additional 3.4 billion won ($34 million) after being rated as excellent in the evaluation of the 2026 local extinction response fund's metropolitan account distribution.
The secured funds will be allocated to region-specific projects, including the creation of integrated spaces, youth employment support, and the revitalization of vacant homes in areas experiencing population decline.
According to the city of Busan, this additional allocation was part of a process that evaluated investment plans from 14 cities and provinces across the country, distributing a total of 50 billion won based on performance. Busan was selected for its excellent rating following a written evaluation and a Q&A session, receiving 3.4 billion won.
The investment plan submitted by the city was structured around three core pillars: intergenerational activities, youth growth, and spatial integration. The detailed projects include the establishment of a shared campus, the Busan Youth First Career Connection Project, and the Vacant Home Plus Dream initiative.
The largest portion of funding, 2.5 billion won, is allocated to the shared campus project. From 2026 to 2031, the city plans to renovate three unused buildings within the Busan Catholic University seminary campus in Geumjeong District, covering a total area of 7,906 square meters.
The plan aims to transform the university space, which has become underutilized due to declining school-age populations, into an educational, cultural, and sports platform that can be used by all generations, from youth to seniors.
Eight hundred million won will be invested in the Busan Youth First Career Connection Project, which aims to assist 980 young people from 2027 to 2031. The project will deploy 20 professional career counselors as first-career managers.
Participating youth will receive 50 hours of specialized training and will be supported throughout the entire process, from job counseling to actual employment and integration into local companies, rather than just one-time work experiences.
The remaining 1 billion won will be allocated to the Vacant Home Plus Dream initiative, which will run from 2026 to 2030. This project aims to revitalize long-abandoned homes, transforming them into creative exhibition spaces for cultural artists and community hubs for local residents, rather than simply demolishing them. The goal is to renovate a total of 16 properties, starting with the reconfiguration of three buildings.
Busan plans to link these new initiatives with existing projects, such as promoting workations and nurturing local youth creators, to address structural changes in the region, including youth population outflow and declining school-age populations.
Mayor Jeon Jae-soo emphasized, "The securing of this fund reflects the unique characteristics of Busan, including collaboration with local universities, youth settlement, and the revitalization of unused spaces. We will continue to work to improve living conditions using the local extinction response fund."
* This article has been translated by AI.
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