HUG and Wilson Center Sign MoU for Cooperation in Urban Development in Korea and the U.S.
The signing marks three years of collaboration and research on urban development including affordable housing and residential stability by the two institutions
President Lee Chae-kwang of Korea Housing and Urban Guarantee Corp.(HUG).
President Lee Chae-kwang, of Korea Housing and Urban Guarantee Corporation (HUG), and 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 guarantees the payment of the principal and interest of housing project loan that covers the overall project expenses including the land price in cases where the developer fails to repay the loan.
HUG also guarantees the repayment of a quasi-housing construction loan provided by National Housing and Urban Fund entrusted institution in cases where the developer fails to repay the loan.
The company guarantees the payment of the principal and interest of PF loan from which the developer raises project expenses including the land price by securitizing the loan or the housing purchase payments from pre-sold housing units in cases where the developer fails to repay the loan.
It guarantees the fulfillment of requirements imposed by the state or local government for housing project license and permission in cases where a project owner fails to fulfil the requirements.
The company guarantees the payment of the principal and interest of remodeling loan (that covers the relocation cost, shared expense, operating cost) borrowed by a housing cooperative (members of a cooperative) for remodeling project in cases where the cooperative fails to repay the loan.
A nightly view of the Busan International Financial Center in Busan where HUG has offices. (Photos: HUG)