Enhancement of quality of houses including earthquake resilience through financial assistance : Japanese experience. Masahiro Kobayashi
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1 World Bank-GFDRR March 17, 2016 Tokyo Disaster Risk Management Seminar No.8 "Building Regulation for Resilience: Managing Risks for Safer Cities Enhancement of quality of houses including earthquake resilience through financial assistance : Japanese experience Masahiro Kobayashi Director General for International Affairs, Corporate Strategy Department, Japan Housing Finance Agency (JHF) 1
2 Profile of Japan Housing Finance Agency (JHF) Established: in April 2007 to replace former GHLC (Government Housing Loan Corporation) Total Assets: 28,435 billion JPY (app. 237 billion USD) Capitalization: 712 billion JPY (app. 6 billion USD) All paid in by the Government of Japan Net Income: 282 billion JPY (app. 2.4 billion USD) FY2014: USD=120JPY Competent Ministers Minister of Land, Infrastructure, Transport and Tourism (MLIT) Minister of Finance (MOF) Number of staff: 920 Head Office: Tokyo, Japan Regional Office: 11 offices in major cities Main line of business Secondary market operation under securitization support business, Direct mortgage origination for disaster mitigation or urban rehabilitation, Mortgage insurance, Management of legacy assets of GHLC, etc. 2
3 Former GHLC s Contribution to securing and improving the quality of houses Former GHLC contributed to securing and improving the quality of houses by establishing proprietary technical standards and publishing specification of constructions. Approximately 30% of all houses built after World War Ⅱ were financed by GHLC so that GHLC had strong influence on securing and improving the quality of houses. (million units) 3 (Source) JHF Disclosure Booklet
4 Technical assessment to ensure compliance of housing with technical standards 4 4
5 The initiatives to provide good quality houses Supporting private financial institutions to provide long term fixed- rate housing loans by securitization support business Flat 35 Implementing inspection of construction based on technical criteria set by JHF to promote good quality houses Publishing housing construction specifications Technical Criteria Flat35 S Criteria:energy-efficiency, earthquake-resistance, etc. Flat35 Criteria :Connection to a road, durability, etc. Housing Construction Specification Inspection of Construction Clarifying and explaining of methods and materials of construction which couldn t be expressed in the technical criteria and drawings Conclusion of agreements with some 120 inspection institutions throughout Japan Implementing inspection in tandem with that of Housing Performance Evaluation and Building Standard Law, etc. 5
6 Specifications of housing construction (1) Specifications of housing construction indicate how to construct the houses following not only the GHLC(JHF) s original technical standards but also the general building standards applicable to all houses. The specifications were drew up in 1950 when the housing construction were deeply depended on each craftsman s own techniques. Because Japan was in short of houses after the world war Ⅱ, it was very important that the substantial number of the houses with secured quality were supplied. Therefore, the specifications were highly useful and have been precious bibles until now especially for small and medium size home builders. Specifications of housing construction Seminar on specifications 6 6
7 Specifications of housing construction (2) The specifications have been revised as needed in accordance with amendments of origination criteria and relevant laws and technical innovation, etc. contributing to the dissemination of design drawings and construction techniques. (Main revision) 1960 Addition of the dimension of continuous footing and the measure of construction with iron reinforcing bars 1982 Correspondence to the amendment of Building Standard Law (introduction of the new earthquake-resistance criteria) 1989 Correspondence to the amendment of GHLC criteria (obliging the heat-insulation construction) 2003 Correspondence to the amendment of Building Standard Law (measures against sick-house syndrome) 2014 Correspondence to the amendment of energy-efficient criteria (2013 criteria) Transition of the specification of the foundation 7 7
8 Proven strength More GHLC financed houses survived the Great Hanshin-Awaji Earthquake. ( Nearly 6,500 were dead or missing). Ratio of houses destroyed or heavily damaged Other wooden structure houses : Based on an analysis of 3,953 houses in Chuo-ku, Kobe city GHLC financed houses : Based on an analysis of 1,068 houses in the area which vibrated to the extent of 7 th degree on Japanese earthquake scale in Takarazuka City, Nishinomiya City, Kobe City, etc. (Source) Survey on the damage of the Southern Hyogo Prefecture Earthquake on houses built with loans from Government Housing Loan Corporation in 1995 Report by the Committee for the survey of the damage of Hanshin-Awaji Earthquake, which occurred in
9 Comparison of damages between Haiti and Japan 9 (Note) Figures for Haiti is as of April 2015 and for Japan is as of September 2015 (Source) Fire and Disaster Management Agency and Ministry of Foreign Affairs 9
10 Reform of Japanese Mortgage Market Fixed Rate Mortgage FILP: Fiscal Investment and Loan Program GHLC: Government Housing Loan Corporation JHF: Japan Housing Finance Agency Loan with Prepayment Penalty 20th Century Borrowers ARM Adjustable Rate Mortgage GHLC Banks Subsidies Deposit FILP GOJ Government of Japan Depositors 21st Century Borrowers 35 year Fixed Rate Mortgage F35 JHF MBS Mortgage Backed Security Sell Loans to JHF Banks and Mortgage Banks Investors ARM Banks Deposit Depositors 10 10
11 GHLC and JHF GHLC JHF Established Ownership Mission Main Products 100% Owned by the Government of Japan Provide liquidity to mortgage markets to low and medium income household Enhance quality of housing Fixed Rate Mortgages Main Business Main Funding Source Origination in primary mortgage market (Compete with private sector) Borrowing from the Government (MOF FILP) Secondary market operation (Support private sector) Mortgage Backed Securities (MBS) Subsidy Yes No (in principle) (Note) JHF still originates mortgages for such exceptional cases as disaster mitigations. In such cases, JHF still have access to funding from the MOF FILP and subsidies from General Appropriations. (Source) JHF 11
12 Enhancement of housing quality through incentives Higher Energy Efficiency Technical standard level Technical standards for F35S (with interest-rate reduction) 0.95% Technical standards for F % Earthquake Resilience Elderly Accessibility Durability and Flexibility The Building Standards Act applicable to all houses 12
13 International partnership and exchange of information (2015) SMC, Thailand ADBI Ginnie Mae, US IUHF (Brazil) AFIS (Philippines) ASIFMA (Hong Kong) 13
14 Thank you for your attention. 14 These materials have been prepared for the sole purpose of providing information to our investors and not as an offer, sale or inducement to buy or sell bonds. Photo : Masahiro Kobayashi We urge investors when they are making investment decisions regarding bonds to carefully confirm details of the conditions, content, and structure of the final products in the latest product prospectus prepared for the issuance of the relevant bonds as well as any other most recent available information and accordingly assume personal responsibility for their decisions.
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