행복주택리츠의 사업구조 개선방안에 관한 연구

행복주택 공급에 활용되는 리츠의 사업구조 개선 방안을 모색한다.

이 연구는 리츠를 활용한 행복주택 공급에 대해 처음으로 시도되는 연구로서 행복주택리츠 공급사례와 도입 효과를 살펴보고 행복주택리츠 운용의 지속을 위한 사업구조 개선방안을 모색한 것이다. 금번 연구에서 소개하는 행복주택리츠는 그동안 손실사업으로 인식되었던 장기공공임대주택에 대해 민간재원 투입이 가능하도록 공공정책과 금융기법을 결합하는 것이다. 연구결과 행복주택리츠는 공공사업시행자 부채감축에 괄목할만한 효과가 있는 것으로 분석되었다. 이의 확장을 위해 행복주택리츠는 최소 수익창출을 전제로 하므로 합리적인 제비용 결정과정과 기금 출자의 내부수익률 및 융자금리 조정 필요성을 설명하였다. 이와 더불어 부동산금융 관점에서 행복주택리츠는 30년 임대운영의 초장기 상품이므로 안정적인 재원조달 및 합리적 의사결정을 위해 허브리츠 설립 필요성을 제시하였다. 1. CONTENTS (1) RESEARCH OBJECTIVES The long-term public rental housing supply using for REITs is a new turning point that combines financial technology and public works by constructing a vehicle.

Which it can finance private investment in rental housing business that has been recognized as a loss business. This study sought to improve the business structure and rational system improvement for the sustainability of the supply of happy houses supplied by the REITs. (2) RESEARCH METHOD This study empirically aid to compares the difference of happy housing supply structure as the direct construction of the public project owner and the REITs. For this purpose, we compare the size of the debt and the business balance as the business effects of the direct construction method of happy houses and the financing method as the REITs.

(3) RESEARCH FINDINGS As a result, it is emphasized that the starting point of happiness house REITs is rational decision making in order to apply the cost ratio for improvement of business performance unlike the existing direct construction method. It is necessary to diversify the business structure that can combine profitable business with profitable business such as happy house by utilizing HUB REITs structure. 2. RESULTS Happy Housing REITs should be recognized as a new turning point in the supply of long-term public rental housing and diversification of business methods for public works projects.

Therefore, it is necessary to recognize that the investment of REITs by existing public project developers is separated by accounting, and to reasonably select the cost reduction process of REITs operation mechanism.