지속가능한 도시재생사업을 위한 도시재생리츠 모델 개발 연구 : 주민참여형 재무투자기법을 중심으로

주민참여형 재무투자기법을 중심으로 도시재생리츠 모델을 개발했다.

A desirable urban regeneration project should not only improve the physical living environment of the aging city, but also enhance quality of life and the well-being condition through restoring the local community and preserving the local history and culture. Therefore, Korean government driven policy, called Urban Renewal New Deal Policy, has headed to new way such as comprehensive financial and administrative supports for local inhabitants in order to promote inhabitants participating activities and plans for the urban regeneration projects, not to old way like “all plot expropriation – destruction – newly build & sales”.

The government has selected 189 New Deal projects until the 2nd quarter of 2019 since beginning of the New Deal Policy, and provided various supporting program such as large scale of funding, investment and loan by NHUF(Governance of National Housing and Urban Fund). However, most urban regeneration projects still rely on support by public sector such as local governments and LH(Korea Land & Housing Corporation), and government financial support still can not attract investment by private sector or local inhabitants. This study has interest that only government funding and supports are not enough to attract private investment on condition that local government capacity had not yet matured.

Hence, this study focuses on a making system for the projects, not for only financial support by the government, and this system means a governance by private and public partnership(PPP). That is, local inhabitant(private sector) may make cooperation relationship first with public sector who has funding power, high credit, know-how and implementable organization.

And then, this governance can attract participating of local inhabitants for the project In particular, this study aims to develop a “local inhabitants participating REITs model for a urban regeneration project” that customized for Korean situation through case studies of domestic and foreign projects that had implemented by partnership with local inhabitant using real-estate financing techniques. In order to develop the model, this study categorizes the types of participants for the regeneration project, and analyzes current urban regeneration project implementation system.

And, this study analyses foreign projects and its legal system which was used PPP method for urban regeneration, and domestic cases which is the projects attracting private investment using real-estate funding for public project. Finally, this study suggested a model for local inhabitants participation and analyzed its feasibility. Local inhabitants participation REITs model can be called “VPCMP, Various Participants Combined Model for a Project”, that is, this REITs should include all types of the projects which are government driven pilot project, profit and non-profit projects, etc in order to implement whole body of the projects stably.

This REITs consists of 2(two) types, Development REITs and Asset management REITs. Development REITs practically implements the project, and Asset management REITs takes over the buildings and facilities from Development REITs to operate and maintain them. This implementation structure can promote sustainable re-investment through operating two REITs simultaneously, because Asset management REITs will not be liquidated after completion of the construction. Local government and LH(Korea Land & Housing Corp.), etc should play a main anchor role to implement the project, and then attract local inhabitant participation and private investment on condition of mutual reciprocity.

Hence, local government and other public sectors firstly make cooperative relationship, and then, attract participation of inhabitants and private developer consecutively. In addition, it is possible to use various method for inhabitants such as providing privileged investment opportunity and contract condition, etc. Simulation method based on actual existing project was used for feasibility study of this new model. Positive financial feasibility was proved through analyzing of NPV and IRR, and project risks are also checked through sensitivity analysis in accordance with various situations and scenarios.

As a result of this feasibility study for “local inhabitants participating REITs model”, firstly, it is proved if existing project implementation method change to this model, profits for local investors(inhabitants) will be generated more without project financial feasibility change. Second, funding condition for local government and public sector was improved. Third, two REITs system, Development and Asset management REITs, has excellent efficiency to reduce financial risks of private investors. Fourth, local asset value was increased for local inhabitants and residents in the facilities.

Finally, it was proved of increasing sustainability for urban regeneration project through making sustainable development system by local inhabitants participating management REITs. It is meaningful that this study shows implementation model for sustainable urban regeneration through making partnership between government, public, private, and local inhabitants using REITs and real-estate funding technics. This will realize inhabitant’s financial participation as a investors, and this partnership will be a main actor for sustainable urban regeneration projects.

It is anticipated that this model promotes investment by private sector and inhabitants through financial support and pilot project by the government, and practically expands participation of the local inhabitants. 바람직한 도시재생사업이란 노후화된 시가지의 물리적 환경개선만을 추구하는 것이 아니라, 커뮤니티를 회복하고 지역의 역사와 문화를 보전함으로써 지역주민의 생활환경과 복리를 증진하는 사업이어야 한다. 정부의 도시재생 뉴딜정책은 과거의 획일적인 전면철거방식을 지양하고, 지역사회가 주체가 되어 도시재생계획을 수립하고 자발적 도시재생 활동을 전개할 수 있도록 종합적인 행정 및 재정지원을 하고 있다. 뉴딜사업이 시작된 이래 2019년 상반기까지 189곳의 뉴딜사업을 선정하였고, 대규모 재정지원과 주택도시기금의 출자·융자 등 다각적인 지원 프로그램을 시행하고 있다. 그럼에도 불구하고 대부분 도시재생사업은 아직도 지자체나 LH 등 공공기관에 많이 의존하고 있고, 정부 지원이 민간과 주민의 투자로 이어지지 못하고 있다.