Recent housing market is in hard time because decrease of supply, increase of vacant housing by real estate regulation policy of government is making fund raising difficult. Therefore, it is necessary to construct project financing system and efficient management in order to revitalize easy fund raising of housing construction company. The purpose of this study is to investigate housing development business, fund-raising method, project financing introduction way and risk factor in order to analyze the role and effect of developer, constructor and financial institution, etc which are closely involved in housing development process. Developer, construction company and financial institution are necessary to develop suitable system with project financing standard related to specialization of housing development banking and maintain to promote project financing of housing development business. Developer, construction company and financial institution have to do following effort in order to revitalize and specialize project financing of housing development business The major research findings were as followings; Firstly, the trustworthy recovery of developer, construction company, financial institution and housing market etc are needed, far from propelling unreasonable project, unplanned development scheme and speculative attitude. Secondly, project financing must put an emphasis on clear understanding and feasibility of project, coming out of developer, construction company, financial institution`s standpoint. Thirdly, project financing is requiring more experts and professionalism for systematic management and comprehension such as knowledge-related banking business, construction and strategic judgment of housing market because its procedure is more complicated than any other banking techniques. Fourthly, construction company as a main subject of project business must introduce competitive factor through business planning, approval and permission, sale in lots, maintenance and products development, etc exuviating from simple contract form between developer and financial institution.