Public
Government Run, Run By The Government
noun, の adjective
Something that is publicly managed is something that is public aka government run. Compare this to 私営 which is private / privately run.
こうえい
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
もし収入がものすごく低いのであれば、安い公営のアパートに住めるかもしれませんよ。
If your income is really low, you may be able to live in a cheap public apartment.