Lagos Proposes ‘rent To Own’ Home Policy

Facebook Blogger Plugin by JustNaira.com | Get Widget

Governor Babatunde Fashola of Lagos State on Tuesday said his administration would soon start a new policy that would enable Lagos residents to own their homes after paying rents for a specified period of time.
According to the governor, the new policy is known as “Rent to Own” initiative coming under the Lagos Home Ownership Mortgage Scheme. He added that the initiative would encourage more residents to participate in the state housing scheme.

Fashola said this during a special interactive session with artisans in the state in Ikeja, explaining that a research conducted by his team showed that traders, transport operators, bricklayers and fashion designers, among others in the informal sector could conveniently pay for the homes across the state.
He said, “The investigations indicated that most people in the informal sector could also afford the mortgage scheme, going by their monthly income and profit. So, the Rent to Own initiative will further make the scheme affordable for all and sundry.
“I urge you to apply for your choice homes in the scheme because government will, through the Lagos Mortgage Board, ensure that artisans benefit from the scheme. The board will allocate blocks of flat to you in accordance with your monthly income and profit to enable you take part in the scheme.
“What we need to do now is to help you order your record keeping in order for you to qualify. This is a new policy that is slightly different from the mortgage scheme itself, but will ultimately lead to mortgage. Your money will be saved monthly and put in the scheme.”
Fashola also took time to brief the participants on security measure put in place in the state and urged them to be involved in the Residents’ Registration and the Commercial Drivers’ exercises of the government.
Chairman, Lagos State National Union of Road Transport Workers, Alhaji Tajudeen Agbede, said average commercial drivers in the state could afford the homes and would participate in the scheme.
He said, “Commercial drivers earn between N45,000 and N70,000 monthly. This is a good development; the Rent to Own initiative will make the housing affordable to our members.”
Commissioner for Housing, Bosun Jeje, said the meeting was to encourage artisans to partake in the LagosHOMS.
Source- http://www.punchng.com/news/lagos-proposes-rent-to-own-home-policy/