GH Signs Agreement on 'Urban Housing Special Guarantee' with Housing and Urban Guarantee Corporation

Gyeonggi Housing and Urban Corporation

Gyeonggi Housing and Urban Corporation (GH) signed a business agreement on the 13th with the Housing and Urban Guarantee Corporation (HUG), becoming the first local development corporation to establish a ‘Special Guarantee for Urban Housing’ partnership.

The Special Guarantee for Urban Housing is a product that guarantees the repayment of loan principal and interest borrowed from financial institutions by a business operator who has signed a new construction purchase agreement with a public institution (purchasing agency) to finance the project funds. The guarantee applies to newly constructed purchase-type rental housing with 30 or more units, with a guarantee limit of up to 90% of the total project cost.

Under this agreement, business operators who have signed a purchase agreement with GH can apply for the ‘Special Guarantee for Urban Housing’ through GH, and HUG will conduct guarantee screening and issue guarantee certificates based on GH’s purchase review results.

This agreement was established to help private developers who have difficulty securing funds to expand new construction purchase-type rental housing projects by enabling them to procure project funds through HUG’s guaranteed loans.

Kim Se-yong, President of GH, stated, "We will promote the expansion of efficient new construction purchase agreements to ensure there are no setbacks in revitalizing the supply of public rental housing," and emphasized, "We will swiftly provide high-quality new construction purchase-type rental housing within the metropolitan area to realize housing stability for low-income residents, youth, and newlywed couples in the province."

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