연구 요약
연구 요지 (AI)
행복주택리츠 제도의 활성화 방안을 연구했다.
초록
The public rental housing Reits system can be said to be a system to suppress the huge increase in debt of public institutions caused by the supply of public rental housing and to prevent deterioration of the financial structure. Among public rental housing, happy housing is a house supplied to railway sites in the downtown area, or idle land publicly or publicly owned, in order to supply it to an area with convenient transportation and close proximity to work and residence for college students, newlyweds, and newcomers to society.
Public housing other than happy housing is mainly located outside the city center, so there are few disputes with local residents in the public housing project, and the lease period is 10 to 20 years, so there is no problem with the profitability of the public housing project profitability. On the other hand, the happy housing Project is located in the city center with a 30-year rental period, and the rent level is supplied at 60 to 70% of the surrounding market price.
Against the above background, many social conflicts occur during the project progress due to opposition from nearby residents, and the site for supplying happy housing in the downtown area is also at a limit, and the happy housing project has a structure in which losses occur as the number of supplied generations increases. The purpose of this study is to study how to solve these problems and provide continuous happy housing. As a research method, literature research, the Ministry of Land, Infrastructure and Transport, Korea Land Corporation, REITs information system, and local governments were referred to, and FGI survey was conducted on public housing workers.
As a result of the study, active communication with residents and holding public hearings are needed as a solution to the conflict between residents who supply happy housing. It is also a good idea to supply convenience facilities for residents near the happy housing. As a way to improve profitability for supply, The first is the realization of the setting of repair and maintenance cost rates and residual value. Since Happy Housing REITs is a business entity that is financially separate from the project operator, it is reasonable to set the repair and maintenance cost rate standards autonomously within the scope of securing the minimum business feasibility of REITs.
In the case of Happy Housing REITs, the logic conflicts with the existing accounting standard (residual value “0”) as the residual value of the building is assumed to be 30% of the market price after the end of the mandatory rental period. Looking at the appraisal methods and examples of building residual value evaluation, unlike the logic that buildings are usually depreciated after a certain period of time, eventually the value of the building is destroyed and only the value of the land remains, the residual value of the building is 0.
However, since the market value is generated in proportion to the value of the land, it can be seen that the residual value of the building after the end of a certain period exists in a significant part. The second is the improvement of business feasibility. It is believed that the Happy Housing project can continue to develop into a sustainable project only when losses incurred in the process of project promotion must be at least compensated.
Happiness Housing is a structure that covers 30% of the project cost, 40% of the fund, 20% of the tenants, and 10% of its own funds, and provides financial and fund support, but its business feasibility is low as rental conditions are supplied at 60-80% of the market price. Although the profit structure of Happy Housing REITs is relatively weak, the internal rate of return of the Housing and Urban Fund investing in Happy Housing REITs is calculated to be 3% to 4% in consideration of distribution according to the investment ratio when certain profits exceed.
This calculation method is inconsistent with equity as there is no significant difference between the high-profit 10-year public rental housing and private rental housing. In addition, there is a problem in the fairness of applying the fund interest rate in relation to the improvement of business feasibility. The Korea Land and Housing Corporation, the main project operator of the happy housing project, applies an interest rate of 2.7%, and in the case of local governments, the interest rate is reduced to 1% to induce participation.
The Happy Housing project is an important project implemented by the government for the housing welfare of the vulnerable class, and the interest rate on the fund should be applied to the Korea Land and Housing Corporation at an interest rate of 1%. The third is a method of shortening the rental period or converting to a permanent rental. Happy Housing operates for 30 years and then liquidates the sale after pre-investment. Compared to public rental housing for 10 years, the profitability is low, and it is difficult to attract private finance due to long-term investment. So shortening the mandatory rental period should be considered.
After renting for 30 years, the happy housing is sold and the land sale proceeds as LH, and the proceeds from the sale of the building are liquidated by the Housing and Urban Fund and the repayment of private loans. Considering that the durability of the building is strong due to the development of the happy Housing, it is necessary to keep the residence period of the residents of happy Housing as it is, and not sell the happy housing until the end of business. The demand for happy housing is expected to continue to rise due to the increase in single-person households and changes in the demographic structure. The fourth is a plan to utilize old public buildings in downtown areas.
Happy housing should be supplied not outside the downtown area, but in the downtown area, where it is convenient to work or residence. Also, due to the decrease in the fertility rate, national and public elementary s
발행 정보
2022. 동의대학교 대학원 국내석사 학위논문