Ulsan City Conducts Joint Inspection on Local Housing Cooperatives' Implementation Status

Inspection of 24 Joint Cooperative Sites by Districts from 17th to 31st

Implemented According to 'Measures to Prevent Damage to Regional Housing Cooperatives'

Ulsan City will conduct an inspection of local housing cooperatives from the 17th to the 31st.

This inspection is being implemented as part of the “Local Housing Cooperative Damage Prevention Measures” established in May of this year to prevent potential harm to citizens and cooperative members caused by local housing cooperatives.

The inspection will target a total of 24 cooperatives, including 9 preparing for cooperative establishment, 6 preparing for project approval, and 9 with ongoing construction projects.

Ulsan City, together with district and county offices, will form two inspection teams consisting of 11 public officials to examine each stage of project progress: ▲cooperative establishment preparation sites ▲project approval preparation sites ▲construction sites.

For cooperative establishment preparation sites such as Junggu Jonggatjip, Samsan Riverside, and Taehwa Yangjeong local housing cooperatives, the main inspection points will include: ▲compliance with member recruitment reporting and cooperative establishment approval conditions ▲appropriateness of cooperative's business agency and fund management ▲confirmation of mandatory contract clauses ▲performance reporting and disclosure of information ▲compliance with general meeting resolutions.

In addition to legal inspection items, the inspection will also cover ▲whether important matters are explained during the member recruitment process.

For project approval preparation sites such as Ulsan Sinjeong-dong The Park and Okgyo-dong Hanmaeum local housing cooperatives, the inspection will include the “cooperative establishment preparation stage” items as well as ▲appropriateness of accounting audits ▲whether a dissolution general meeting has been held if project approval has not been obtained within three years of cooperative establishment approval.

For construction sites such as Ujeong River Hills and Ulsan Onyang Ballista local housing cooperatives, the inspection will include the “project approval preparation stage” items as well as ▲whether the number of cooperative members is appropriate compared to the planned number of households ▲whether land ownership has been secured.

Minor issues identified during the inspection will be corrected on-site, while in cases where cooperative management is found to be unreasonable or corrupt, or if violations are confirmed, administrative measures such as corrective orders, fines, or legal action will be taken to ensure transparency and protect rights.

An official from Ulsan City stated, “If you wish to join a cooperative, you must carefully check the precautions provided by the local housing cooperative and be aware that the project may take a long time or that additional member contributions may be required. We provide information on the overview, current status, and precautions of local housing cooperatives on the Ulsan City website, so please review it thoroughly.”

A local housing cooperative refers to a cooperative formed by a group of people residing in a certain area to acquire housing. It is a system that supplies housing to qualified cooperative members, who are either without a home or own only one residence with an exclusive residential area of 85 square meters or less, regardless of subscription savings account status, to help them secure their own home.