The Financial Supervisory Service (FSS) held a session on September 15 to explain the financial support programs related to the housing supply activation measures announced on August 13.
The event, titled 'Housing Supply Financial Support Program and PF Project Sale Briefing,' took place at the FSS headquarters in Yeouido, Seoul, and consisted of five sessions detailing step-by-step financial support for housing development PF projects.
In the initial bridge phase, Coramco Asset Trust will provide a total of 610 billion won in funding through a PF development anchor REIT at lower interest rates than typical bridge loans.
As projects transition from bridge loans to main PF, the Korea Housing Finance Corporation (HUG) will expand PF guarantee limits and support project transitions through dedicated PF guarantee products for small construction companies.
The PF syndicate loan limit provided by banks and insurance companies will also increase from 1 trillion won to 5 trillion won. Projects facing temporary liquidity shortages at any stage will be eligible for support.
The Korea Land and Housing Corporation (LH) will assist with land purchases and construction costs throughout the project phases and will also promote rental purchase projects to mitigate unsold inventory risks.
Additionally, a briefing was held on the sale of delayed or halted residential PF projects in the metropolitan area, aimed at facilitating the resumption of these projects. Representatives from the financial sector attended to support the sale of projects needing to restart operations.
An FSS official stated, "We will do our utmost to ensure that necessary housing is supplied promptly through close management of residential PF projects and swift resolution of financial difficulties."
* This article has been translated by AI.
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