Lagos Introduces Rent-to-own Housing Policy

Determined to provide homes for its residents, Lagos State Governor Babatunde Fashola yesterday said his administration had introduced Rent-to Own Scheme in the on-going Lagos Home Ownership Mortgage Scheme.

The governor, who revealed this at a special interactive session with artisans, transporters and traders in the state at the Blue Roof LTV 8, Agidingbi, Ikeja, said the initiative was to encourage residents in the informal sector to participate in the housing scheme.

Fashola said research conducted by his team had revealed that traders, transport operators, traders, bricklayers, brick makers, fashion designers and others in the informal sector could conveniently pay for the homes located across the state.

He added that investigations recently carried out by his government had shown that most people in the informal sector could also afford the mortgage scheme, by prudently deploying their monthly income and profits.

The governor added that the ‘Rent-to-Own’ initiative would further make the scheme affordable for all and sundry, urging artisans to apply for their choice homes in the scheme.

Fashola said the government would, through the Lagos Mortgage Board ensure that artisans benefit from the scheme.

He added that the board would allocate block of flats to them in accordance with their monthly income and profit so as to enable them to take part in the scheme.

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