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 3,936 housing units, can be recalculated to reflect current market conditions. The case marks the KCCI’s first use of the consultation program since it was opened to private organizations in May. “Companies have faced difficulties for a long time, but this was not an issue they could easily make a decision on,” Lee Jong-myung, head of the KCCI's industry innovation division, said. “The BAI's decision to open its doors to the private sector has added another channel for resolving corporate difficulties, and its first result will benefit the public through housing supply.” The six projects are part of a public-private housing program, with public agencies providing the land while private bu