We’re committed to affordable, not low-cost housing— Fashola

on   /   in Homes & Property 12:56 am   /   Comments

As 76 winners emerge in 3rd Lagos HOMS draw

Lagos State Governor, Mr. Babatunde Fashola, has reiterated his administration’s commitment to the provision of affordable housing in the state, in a sustainable way.

He made the commitment, in Lagos, at the third monthly draw for allocation of homes to beneficiaries under the Lagos Home Ownership Mortgage Scheme (Lagos HOMS).

Governor Babatunde Fashola of Lagos state

Governor Babatunde Fashola of Lagos state

Fashola waved off criticisms that the cost of the  houses being developed under the scheme are too high. He noted that his administration never promisesd to deliver low-cost housing but affordable housing whereby owners could pay over a long period of time.

He said low-cost housing could not be provided in a sustainable way when there is no low-cost land, low–cost labour and building materials, and when the exchange rate of our currency to others remains high.

“Some people have criticised us that homes under our mortgage scheme are not low-cost; but these people cannot point to one place where our government promised to build low cost houses. We did not promise low-cost housing. What we promised was affordable housing and people should not accuse us of not doing what we did not promise. I have always reiterated since I was campaigning as a governorship candidate in 2007 that my commitment to the people of Lagos is affordable housing and that is what we are delivering,” he stated.

The governor said the homes are affordable because there are one, two, three-bedroom designed to fit different income brackets, adding that residents can easily access them and pay for them conveniently within a minimum period of ten years.

Meanwhile, 76 beneficiaries emerged last week at the third edition of the monthly draw of the Lagos State mortgage scheme from 102 applicants that were pre-qualified.

Executive Secretary of the Lagos Mortgage Board, Mr Akinola Kojo Sagoe, disclosed in a statement that 158 application forms were received for the May draw, out of which 102 applicants were prequalified for the draw.

He revealed that the housing schemes for the May draw are Alhaja Adetoun Mustapha Estate, Ojokoro; Oba Adeboruwa, Ikorodu; Chois Gardens, Abijo, Lekki; Hon Olaitan Mustapha Estate, Ojokoro; Hon Rotimi Shotomiwa Estate, Igbogbo, Ikorodu; Shitta Estate, Surulere; Shogunro Scheme 1, Ogba, Ikeja and; Sir Michael Otedola Estate, Odoragunshin, Epe.

Sagoe also disclosed that from the first draw held in March, 21 applicants had paid their equity contribution out of which 20 applicants had signed the legal documents and had the keys to their homes handed over to them. He further said that eight applicants had paid their equity contribution from the second draw in April, of which a number of the applicants had signed the legal documents and had been handed the keys to their homes.

The Executive Secretary noted that some successful applicants have already started moving into their homes, adding that in line with the overall objective of the State Government to create economic prosperity and jobs through infrastructure development, the Lagos Mortgage Board was creating jobs through its management of the several estates.

The Lagos HOMS initiative is aimed at providing houses for first time home seekers at 9. 5 per cent interest rate per annum spread over a period of not less than 10 years under a mortgage scheme.

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