The Lagos state government has always been proactive in making sure that initiatives are developed to ensure affordability of houses to the masses in Lagos. The Rent-to-own housing scheme was devised by the Lagos state government to help curb the housing challenges that many residents of Lagos are facing.
This was after the Lagos Home Ownership Mortgage Scheme (LagosHOMS) which was launched eight years ago for the same purpose could not achieve the aim because of its unrealizable demands that it made from its benefactors.
The Rent-to-own housing scheme was launched in 2016 and entered the housing market with 4,355 housing units that were inherited from the Lagos Home Ownership Mortgage Scheme. These houses came from Agbowa, Odo Onasa, Epe, Odorangusen, Igbogbo housing estate, Ikorodu, Egan – Igando housing estate, Alimosho, Jakande Gardens, Sir Micheal Otedola estate, Igando Alimosho.
The scheme has been efficient in delivering results as subscribers can afford the 5 percent of the housing unit cost as a commitment fee while the balance is paid over a period of 10 years with little interest.
The Sanwo-Olu administration has also reinforced the scheme by ensuring that homes built are made available and are affordable for first time home owners. This scheme has helped to reduce house shortage, promote the mortgage culture and ensure that houses are affordable to subscribers. The Rent-to-own housing scheme has recorded 1,230 beneficiaries. In the last one year, some houses have been completed in some areas which include Courtland Luxury Villas, Igbokushu in Lekki, Lekki Apartments located at Freedom Way Junction, Lekki Phase one.
The Lagos state government has also assured that more housing schemes would be completed before the first quarter in 2021.
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