By Nam Hyun-woo



Over 1 million low-income households will receive financial support, the government announced Wednesday.



The Ministry of Land, Infrastructure and Transport released a public housing plan containing details on the government's housing policy for this year. The entire scheme is worth 22.1 trillion won ($19.26 billion) and will support 1.11 million households.



The government will provide 120,000 rental homes at low prices and offer "residential allowances" to 810,000 low-income households. While leasing the homes, the government will give favors to households whose rent-to-income ratio surpasses 30 percent.



The land ministry said it will complete the construction of 70,000 new government-owned homes and purchase an additional 50,000 homes from private developers to lease them as public housing units.



Amid projected interest rate hikes, the government also expanded state-backed mortgage products. A couple whose combined annual income is lower than 50 million won will be able to borrow money at preferential rates and the limit would increase by 10 million won to 130 million won to those who reside within Seoul and the surrounding Gyeonggi Province.



Of note is a plan to remodel abandoned buildings for community use. It came after criticisms that the government has no idea what to do with abandoned structures.



Earlier this year, Korea Land and Geospatial InformatiX Corporation (LX) anticipated in a report that 17.6 million homes nationwide were uninhabited in 2010 and the number will jump to 29.98 million in 2050.



The land ministry said it would push for legislation that will allow the remodeling of those abandoned places. Following the legislation, it hopes to establish a system to check the exact the number of abandoned places across the country and set up guidelines on how to take care of them.



In its preliminary plan, the government will purchase such properties and lease them at low rates after remodeling. Also, it seeks to transform some places into public study rooms or shared gardens so they can be used by the community.



