Replicating Ambode’s rent-to-own housing scheme

It is certainly cheering news that only a month after 100 Lagos residents reportedly took possession of their accommodation under the  state government’s rent-to-own housing scheme, another batch of 200 successful allottees became landlords at an event which took place at the ‘T-Complex’, Lagos State Secretariat, Alausa, Ikeja.

According to reports in the media, the estates where the allocations were made include the Sir Michael Otedola Estate, Odoragunsen, Epe, Odo Onasa, Agbowa, Igbogbo Housing Estate, Ikorodu; Alimosho and Hon. Olaitan Mustapha  Housing Estate, Ojokoro.

Under the scheme floated by Governor Akinwumi Ambode, Lagos residents are required to pay five per cent of the value of the housing unit as commitment fee while the balance is spread over 10 years. The tenant  continues to live on the property while paying towards ownership at a fixed rate within the period of 10 years.

With Nigeria currently in a recession, the masses are bound to appreciate any programme that will put a smile on their faces. In this respect, I urge other state governors  to take a cue from Governor Ambode and float similar housing schemes.

It seems to me, however, that the final solution lies in a workable housing policy. It should be easy to obtain loans to build houses. This is why mortgage banks in the country need to be fully equipped to function very well and contribute their quota to national development.

The Federal Government should assist the masses by rolling out housing-friendly policies.

Chidi Okoh,

Lagos.