earticle

영어

This study empirically analyzes how financial environment factors affect Housing and Urban Fund support for small-scale housing improvement projects. The analysis uses quarterly time-series data from Q4 2017 to Q3 2024 (28 quarters). We conducted multiple regression analysis using funding amounts for initial and main phases of both street housing improvement projects and autonomous housing improvement projects as dependent variables. Independent variables include housing market consumer sentiment index, housing price index, housing supply volume, and bank loan interest rates. Results show that for street housing improvement projects in the initial phase, housing market consumer sentiment index (+0.401, p<0.05) had a positive effect on fund support, while housing price index (-0.564, p<0.10) had a negative effect. Bank loan interest rates (+5.048, p<0.05) increased fund support, confirming the Housing and Urban Fund's substitute role during financial market deterioration. In the main phase, only initial project funding amounts (+0.844, p<0.01) showed significant impact. For autonomous housing improvement projects, only bank loan interest rates (-9.019, p<0.01) had significant negative effects in the initial phase, while only initial project approval amounts (+0.716, p<0.05) showed significant impact in the main phase. The findings highlight the necessity of differentiated response strategies by project type as well as systematic initial-phase support, which are key determinants of overall project success.