Lagos launches rent-to-own housing policy

LAGOS State government, on Thursday, launched “Rent-to-Own” housing scheme at different places across the metropolis.

The state governor, Mr Akinwunmi Ambode, was represented by the deputy governor, Mrs Idiat Adebule.

In his address, the deputy governor stated that 4,355 units in 12 housing estates spread across the three senatorial districts will be dedicated to the programme.

She noted that the launching commenced with the immediate implementation of 1,072 housing units in Epe, Agbowa, Ojokoro and Ikorodu.

She hinted that 80 per cent of the available housing units will be operated under the scheme, while the remaining 20 per cent will be dedicated to Rental Housing Scheme.

The initiative, according to the Commissioner for Housing, Gbolahan Lawal, is put in place to increase the number of Lagos residents that have their feet on Home Ownership ladder.

Stating further, Lawal said “the scheme targets the low and medium income earners in both formal and informal sectors.”

“Under this scheme, individuals are required to pay five per cent of the value of the housing unit as commitment fee and the balance is spread over 10 years.

“This programme allows the tenant to live on the property while paying towards ownership at a fixed rent within the period of 10 years,” Lawal said.

He hinted that a total of 12 housing estates have been dedicated for the implementation of the Rent-To-Own Policy.

These are: Sir Michael Otedola Estate, Odoragunsen, Epe, Odo Onasa, Agbowa, Igbogbo Housing Estate, Ikorodu, Egan -Igando Housing Estate, Alimoso, Igando Gardens Housing Estate, also in Alimoshoa.

Others are CHOIS City, Agbowa, Hon Olaitan Mustapha Housing Estate, Ojokoro, Iponri Estate, Surulere and Sangotedo Estate, Eti-Osa and Ajara Estate, Badagry.