Recession: Lagos To Give Out Houses On Rent-to-own
As part of efforts to cushion the biting effects of economic recession in the country, Lagos State government yesterday said it has concluded plans to start giving out houses built by the state government on rent to own basis.
The state’s commissioner for Housing, Prince Gbolahan Lawal who stated this at a press conference on the pre-launch of the schemes at the Bagauda Kaltho Press Centre, Lagos State Government Secretariat said the Rent-To-Own and Rental Housing Policies of Governor Akinwunmi Ambode’s administration is aimed at making housing more readily affordable and accessible for Lagosians.
According to him, the schemes listed to include Sir Michael Otedola Estate, Odoragunshin-Epe; CHOIS City, Agbowa; Alhaji Adetoun Mustapha Estate, Ojokoro and Oba Adeboruwa Estate, Igbogbo-Ikorodu, will be launched simultaneously next week.
Lawal said accessing housing units in the state has been largely on cash and carry basis which ends up excluding majority of the citizenry until when recently the mortgage scheme was introduced.
“Even though the mortgage scheme was able to accommodate more people on the home ownership ladder, a large number can still not afford to become home owners as they are unable to meet the requirement of 30 per cent equity contribution which the mortgage scheme demands”, he said.
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