President Lee Chae-kwang of Korea Housing and Urban Guarantee Corp. (Photos: HUG)

Lee Chae-kwang, Korea Housing and Urban Guarantee Corp. (HUG) and CEO Mike Forster, Wilson Center COO, signed an agreement in a ceremony at the Wilson Center on August 16, 2018, to launch a joint research initiative on urban revitalization in the U.S. and Korea.

Representatives from Korea’s Ministry of Land, Infrastructure and Transportation (MOLIT), HUG and the Korean Embassy joined with urban and finance experts from Ginnie Mae, the Wilson Center’s Urban Sustainability Laboratory, George Washington University and the University of Pennsylvania.

The meeting marked the third year of Wilson Center-HUG collaboration and research on innovative policies and practice to advance sustainable and inclusive urban development, affordable housing, and residential stability in a rapidly changing global economy.

Upcoming research will explore case studies of urban regeneration projects, detailing the partnerships and financing tools that contribute to success. Research findings will be presented in 2019 at policy seminars in Washington, DC and Seoul.

Korea Housing and Urban Guarantee Co., Ltd. provides various types of housing guarantees and implements government policies for housing and urban projects.

The company engages in the provision of guarantee for housing completion, rental deposit, cooperative housing completion, etc.; and national policies support, including the guarantee for a refund of Jeonse deposit, guarantee for mortgage, etc. It also engages in the business entrusted by national or local governments, including the entrustment of profit (loss) sharing mortgage program, etc.; and the operation and management of NHUF (national housing and urban fund) under NHUF Act.

Korea Housing and Urban Guarantee Co., Ltd. was formerly known as Korea Housing Guarantee Co., Ltd. and changed its name to Korea Housing and Urban Guarantee Co., Ltd. in July 2015.

The company was founded in 1999 and is headquartered in Busan, South Korea.
HUG, had provided 739 trillion won worth of housing guarantees serving 9.16 million households up until last year since its foundation in 1993.

As the dedicated public housing guarantor, it paid out 8.5 trillion won in subrogation, protecting the property rights of people. Recognizing its capability for assessing the feasibility of a project for project financing (PF), KHGC was designated as the exclusive operator of NHUF last year, and was formally reorganized as HUG with the enforcement of NHUF ACT on July 1, 2015.

Its new name, HUG (Korea Housing & Urban Guarantee Corporation) implies that it will embrace housing, cities and people and expresses its determination that it will strive for Humanism, Understanding, and Growth.

HUG is committed to promote urban regeneration by operating NHUF with its accumulated experience and know-how as the public housing guarantor. It plans to develop a successful financing model for urban regeneration projects and supporting guarantee projects as well as guarantees for small-scale redevelopment project of residential block.

A view of the International Financial Center building in Busan where the Korea Housing and Urban Guarantee Corp. has its offices.