Housing Deficit: Lagos Begins Allocation of Rent-to-Own Schemes

Says 100 benefit from maiden edition

Gboyega Akinsanmi

The Lagos State Government tuesday allocated rent-to-own housing schemes to 100 beneficiaries, noting that it was a step towards addressing a shortfall of 2.5 million housing deficits in the state.

The state government explained the essence of the rent-to-own housing policy, noting that it simply allowed the beneficiaries to pay five per cent commitment fee; take possession and pay up balance towards the ownership of the property in a period of 10 years.

The Commissioner for Housing, Mr. Gbolahan Lawal, presented keys to the allottees of rent-to-own housing schemes in Alausa monday alongside his information and strategy counterpart, Mr. Steve Ayorinde and the General Manager of Lagos State Mortgage Board, Mr. Dehinde Tunwashe, among others.

At the presentation, Lawal said the administration of Governor Akinwunmi Ambode had started implementing the rent to own policy aimed at making housing more readily affordable and accessible to all residents of the state irrespective of their ethno-religious backgrounds.

He said the need to create a new face of accommodation for Lagos residents, especially the low and middle income earners, had become imperative in view of the state’s ever increasing population.

Under the rent-to-own policy, the commissioner explained that all prospective home owners’ needs “to do is to make five per cent commitment fee, take possession and pay up the remaining balance towards the ownership of the property over a period of 10 years.”

Lawal, therefore, recalled that not too many people believed three months ago when the governor launched the policy in four locations including, Epe, Ikorodu, Agbowa and Ojokoro.

He said the allottees received keys to apartments in various estate including Michael Otedola in Epe, Oba Adeboruwa in Ikorodu, Choice City in Agbowa, Olaitan Mustapha and Adetoun Mustapha in Ojokoro.
He assured that the allocation of the houses would be taking place on a monthly basis in a fair and just manner, devoid of lobbying or favoritism of any sort, adding that about twelve schemes were earmarked for the rent-to-own policy out of which five are presently being allocated.

He listed other rent-to-own housing schemes in the state to include Odo-Onosa/Ayandu housing scheme in Agbowa, Igbogbo 2B Housing Estate in Ikorodu, Igando Gardens in Igando, Iponri Scheme in Surulere, Sangotedo Scheme in Eti-Osa and Ajara Housing Scheme in Badagry.

He said the state government “has started implementation of the rental housing programme as 20 percent of available housing units in each of the rent-to-own estate have been dedicated to the rental housing programme.
“The rental housing programme is targeted at meeting the needs of the citizens who may not be interested in ownership or may not be able to meet the requirement of 30 per cent equity contribution for mortgage or five per cent commitment fee for the rent-to-own programme.”

Also at the presentation, Tunwashe said the selected estates under the scheme are located in serene and beautiful gated communities with facilities such as water treatment plants, adequate parking space, health care centre, estate management office, street lights, recreational area and a police post for security.