Penn Institute for Urban Research Joins with Korea Housing Finance Corporation to Advance Global Housing Finance and Urban Policy Solutions through New Partnership

FOR IMMEDIATE RELEASE

June 18, 2025

Penn Institute for Urban Research Joins with Korea Housing Finance Corporation to Advance Global Housing Finance and Urban Policy Solutions through New Partnership

Philadelphia, PA and Seoul, South Korea — The Penn Institute for Urban Research (Penn IUR) at the University of Pennsylvania and the Korea Housing Finance Corporation (HF) have entered into a formal partnership through the signing of a Memorandum of Understanding (MOU), marking a significant milestone in international collaboration on urban policy, housing finance and sustainable development.

This three-year agreement establishes a framework for joint research, exchange of expertise, and shared policy innovation aimed at enhancing the stability and equity of housing markets across borders. The MOU was signed by Kyung Hwan Kim, Chairman and Chief Executive Officer of the Korea Housing Finance Corporation, and Penn IUR Co-Directors Eugenie L. Birch and Susan M. Wachter.

Strengthening Housing Stability and Urban Futures

Founded on March 1, 2004, the Korea Housing Finance Corporation is a quasi-governmental institution that contributes to the welfare of the people and the development of the national economy by providing long-term and stable housing financial services. HF plays various roles as a reliable financial partner for the people by supporting housing policies, offering Conforming Loans and housing guarantees, issuing backed securities, and managing home pensions.

This partnership reflects a shared recognition of the global nature of urban challenges and the need for international cooperation in policy design and implementation to improve housing access.

Areas of Collaboration

The MOU outlines an expansive framework for cooperation, including:

Scopes of Cooperation

• Joint research on housing finance instruments and mortgage market stability;
• Comparative studies of urban land use and housing policies in Korea and the U.S.;
• Monitoring of land and housing price trends and their policy implications;

Methods of Cooperation

• Digital technologies and regulatory innovation in urban policy and finance;
• Faculty, researcher, and student exchanges;
• Collaborative conferences, seminars, and publications.

Leadership Perspectives

Kyung Hwan Kim, Chairman and CEO of Korea Housing Finance Corporation:

“Through this partnership with Penn IUR, HF seeks to engage in academic exchange that strengthens the foundations of sustainable housing finance. Together, we will explore tools and policies that meet the housing needs of future generations while ensuring the vitality of our urban economies. This alliance exemplifies our dedication to global dialogue and shared solutions.”

Susan M. Wachter, Co-Director of Penn IUR and Albert Sussman Professor of Real Estate and Finance:

“This MOU lays the groundwork for advancing comparative research into housing finance systems that foster stability and access. With Korea’s leadership in innovative housing finance models and Penn IUR’s expertise in market dynamics, demographics and urban policy, we are poised to make meaningful contributions to global housing affordability and resilience.”

Eugenie L. Birch, Co-Director of Penn IUR and Lawrence C. Nussdorf Professor of Urban Research and Education:

“Our collaboration with the Korea Housing Finance Corporation represents a new chapter in our commitment to advancing equitable and sustainable cities. By jointly exploring urban land use strategies and housing policy innovations, we aim to develop insights that benefit communities in both nations and inform global urban development practices.”

Penn IUR Co-Directors Eugénie Birch (left) and Susan Wachter (right) join Korea Housing Finance Corporation Chairman Kyung Hwan Kim (center) in signing the Memorandum of Understanding in Washington, D.C. (Photo courtesy of HK).

About the Penn Institute for Urban Research

The Penn Institute for Urban Research (Penn IUR) is a university-wide, interdisciplinary center at the University of Pennsylvania dedicated to advancing research and real-world policy innovation in sustainable, inclusive urban development. Penn IUR connects scholars, policymakers, and practitioners to address pressing urban challenges around the globe.

https://penniur.upenn.edu

About the Korea Housing Finance Corporation

The Korea Housing Finance Corporation (HF) is a quasi-governmental institution committed to promoting housing welfare and economic stability in South Korea. HF supports citizens’ housing needs by offering long-term fixed-rate mortgages and securitizing housing finance products to strengthen market resilience.

https://www.hf.go.kr

Media Contacts:

Penn IUR

Megan Schmidgal
Email: penniur@upenn.edu
Phone: +1 215-573-8214

Housing Finance Research Institute

No, Young Im
Korea Housing Finance Corporation
Email : youngim@hf.go.kr
Phone: +82-051-663-8161