미국 공동주택 금융의 현황과 시사점

In Korea, multi-family housings have been naturally developed because of population growth and concentration in cities. Apartments are mostly favored form among multi-family housings, which need more prearranged financing for construction under Post-sale policy announced by the Korean Government in 2004. There are generally two kinds of financing methods for multi-family housing; one is construction loan to cover the cost for constructing houses, and the other is permanent loan for end-users to buy houses. Construction loan is comparatively shorter than permanent loan in the aspect of loan term, while these two are mutually related. In America, condominiums and cooperatives are popular forms of multi-family housing. Condominiums are similar to Korean apartments, and they are mostly preferred throughout America now. Otherwise, cooperatives are favored in large cities such as NYC. This paper considers the characteristics of American condominiums/cooperatives and regulating laws. It also deals with present conditions and related legal issues about construction loan and permanent loan. As related legal issues, this covers effectiveness of subordinated contract, nature of cooperative share and putting-up mortgage as well as whether sale contract about conveying ownership of condominiums/cooperatives shall be regulated as securities under 1933 Securities Act. Legal issues about financing American multi-family housing handled here provide implications for Korea.