Housing Finance Corporation Signs Agreement with Four Organizations to Revitalize Busan Dream Apartment

Support for Rental Housing Supply with Excellent Location and Low Rent for the Youth Population

[Asia Economy Reporter Park Sun-mi] Korea Housing Finance Corporation (HF) announced on the 14th that it has signed a business agreement for ‘Financial Support to Revitalize the Busan Dream Apartment Project’ with Busan Metropolitan City, Busan Bank, Woori Bank, and the Korea Housing Construction Association (Busan Chapter) to provide quality rental housing for young people.

Through this agreement, HF plans to guarantee construction funds for the ‘Busan Dream Apartment’ project promoted by Busan Metropolitan City and establish an organic cooperation system with the partner organizations to support housing stability for young residents in Busan.

Dream Apartments refer to housing located in prime commercial areas, rented long-term to young people such as newlyweds and early-career workers at 80% or less of the surrounding market price.

HF also plans to support the project operators of Busan Dream Apartments by providing mixed construction fund guarantees utilizing both the Housing and Urban Fund resources and bank resources, supporting long-term funds (construction costs) and initial funds (land costs, etc.) within 70% of the total project cost. This enables project operators to procure construction funds at low interest rates, thereby expanding the supply of rental housing with excellent location conditions at prices lower than the surrounding market.

Lee Jeong-hwan, President of HF, said, “We hope that young people such as newlyweds and early-career workers can welcome a bright future in better housing environments,” adding, “We will actively support the housing stability of young people and the growth of local small and medium-sized construction companies, fulfilling our social responsibility as a public guarantee institution.”

This content was produced with the assistance of AI translation services.