This research aims to derive policy implications for the efficient management of reserves for appropriations for special repairs(RASR) by “public housing operators” in response to the increasing demand for extensive annual maintenance expenses due to the growing aging inventory of public rental housing. To achieve this goal, a three-step approach was undertaken: analyzing the accounting records of maintenance expenses for six selected LH housing complexes, identifying operational challenges through surveys of LH practitioners, and evaluating the existing institutional issues related to the RASR. The analysis of maintenance expense accounting records revealed an excessive accumulation of RASR, which contrasted with its inadequate utilization in actual repairs and maintenance activities. Furthermore, statistical analysis of survey results unveiled three major inhibiting factors in the operation of the RASR: the irrational accumulation rate of the RASR, the complexity of procedures for utilizing the fund, limitations of RASR utilization to shared facilities. Notably, the need for institutional improvements in the “complexity of fund utilization procedures” was highlighted as the most significant. Lastly, through an assessment of the existing RASR institutional framework concerning these three identified factors, the following policy implications were derived: firstly, a relaxation of the RASR accumulation rate is warranted. Secondly, simplification of unnecessary procedures for utilizing the RASR is imperative. Thirdly, expansion of dedicated areas for utilizing the RASR to private unit is necessary.