Business

Lagos boosts affordable housing scheme for residents

BENEFICIARIES

No fewer than 492 families have benefited from the housing scheme of the state government.

 

 

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s part of efforts to boost affordable housing in the state, Lagos State Government  has opened an arrangement where residents who can part with 33 per cent of their monthly earnings can become home owners under the sate’s rent-to-own and rental housing policies.

 

 

Currently, no fewer than 492 families have benefited from the housing scheme of the state government.

 

 

According to Governor Babajide Sanwo-Olu, the policies are aimed at making housing more affordable and accessible to the citizenry, particularly low and middle income earners in both the formal and informal sectors.

 

 

The governor pointed out that an integral part of the policies offered prospective beneficiaries the opportunity to pay the required five per cent of the value of the housing unit as commitment fee while the balance could be spread over 10 years.

 

 

“It also permits recipients to live on the property while paying towards ownership as a fixed rent within that period of 10 years,” he said.

To qualify for the scheme, applicant must be a resident in the state with a possession of Lagos State Residents’ Registration card, being a first time buyer, must be above 21 years of age, must be tax compliant and also be able to cover the monthly rental payments with 33 per cent of his or her earnings.

 

 

Lagos state has huge and increasing demand for housing as a result of over 20 million people with an estimated 86 people migrating to the state per hour who have Lagos their home.

 

 

This huge population has made housing deficit in the state a real issue with affordability worsening by the day because the available limited housing units cannot meet the needs of the huge population.

 

 

The governor said his administration had evolved far reaching reforms in the housing sector in a bid to provide affordable housing for the populace, adding that some of them are now ready for commissioning.

 

 

These, he said, included LagosHoms, Igbogbo Scheme with 360 housing units comprising 120 one-bedroom, 120 two-bedroom and 120 -bedroom apartments.

 

According to him, others are housing scheme at Topo -Badagry with 252 two-bedroom apartments; Courtland Villas behind Alhaji Femi Okunnu Estate, Igbohushu, Lekki with 120 units of four-bedroom maisonettes and boy quarters. andd Lekki apartments, Ikate-Elegushi, Lekki.

 

 

He added  that completion of ongoing housing estates had been prioritised, while at the same time entering into partnership with the private sector in the delivery of new ones.

 

 

“More housing schemes will be delivered in the coming months. We are very excited about our housing schemes because not only do they provide homes to people, they also create jobs for multitudes of people who work as artisans, tradesmen and labourers on these projects. This fully ties in with our commitment to resuscitate excellent craftsmanship by making opportunities available for people to be trained and to demonstrate their training,” Sanwo-Olu said.

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