Since the 1970s, multi-family housing has emerged as the dominant residential form in Korea. However, it now faces significant challenges due to aging, including increased safety risks, deteriorating living environments, and inefficient management systems. This study proposes a collaborative governance framework to improve the management of aging multi-family housing by redefining the roles of stakeholders, including residents, administration, and management entities. Key issues identified in managing aging multi-family housing include administrative dependency, ambiguous roles between Residents’ Representative Meetings (RRMs) and management offices, and insufficient structures to adequately reflect the diverse needs of residents. To address these challenges, this study suggests shifting the administrative role from a regulatory to a supportive function, focusing on preemptive inspections, support for small-scale housing, and the provision of management guidelines. Additionally, residents must be reestablished as active stakeholders with clearly defined responsibilities to ensure accountability and effective participation.