KCCI, audit authority collaborate to resume construction of 4,000 public housing units
The audit authority has cleared a key hurdle for six stalled public housing projects totaling nearly 4,000 units after the Korea Chamber of Commerce and Industry (KCCI) sought a preliminary consultation on behalf of builders struggling with soaring construction costs. The KCCI said on Tuesday that the Board of Audit and Inspection (BAI) determined that project costs for the six sites, covering…
The Korea Chamber of Commerce and Industry (KCCI) has worked alongside the audit authority to move forward on the construction of nearly 4,000 public housing units, after resolving a key obstacle. The KCCI recently sought a preliminary consultation on behalf of builders grappling with increasing construction costs. The Board of Audit and Inspection (BAI) recently approved the recalculation of project costs for six stalled sites, which encompass 3,936 housing units.
This marks the KCCI's first use of the consultation program, which opened its doors to private organizations in May. Lee Jong-myung, the head of the KCCI's industry innovation division, explained that companies have faced difficulties for a long time, but the BAI's decision to engage with the private sector provides an additional avenue for addressing corporate challenges.
The BAI's decision to collaborate with the private sector will ultimately contribute to the public by expanding the housing supply.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
