Lagos state government officially flagged off its “Rent-to-Own” housing scheme at different places across the state which include Sir Michael Otedola Housing Estate, Odoragunsen,Epe, where the Deputy Governor, Mrs. Idiat Adebule, represented Governor Akinwunmi Ambode.
The Deputy Governor stated while deliverying the governor’s address that 4,355 units in 12 Housing Estates spread across the three Senatorial Districts will be dedicated to the programme.
She noted that the launching commenced with the immediate implementation of 1,072 housing units in Epe, Agbowa, Ojokoro and Ikorodu.
She said 80 percent of the available housing units will be operated under the scheme, while the remaining 20 percent will be dedicated to Rental Housing Scheme.
The initiative, according to the Commissioner for Housing, Prince Gbolahan Lawal, is to increase the number of Lagos residents that have their feet on Home Ownership ladder.
Stating further, Lawal said the scheme targets the low and medium income earners in both formal and informal sectors.
“Under this scheme, individuals are required to pay five percent of the value of the housing unit as commitment fee and the balance is spread over 10 years.
“This programme allows the tenant to live on the property while paying towards ownership at a fixed rent within the period of 10 years”, Lawal said.
He hinted that a total of 12 housing estates have been dedicated for the implementation of the Rent-To-Own Policy.
These are: Sir Michael Otedola Estate, Odoragunsen, Epe, Odo Onasa, Agbowa, Igbogbo Housing Estate, Ikorodu, Egan -Igando Housing estate, Alimoso, Igando Gardens housing Estate, also in Alimoshoa.
Others are CHOIS City, Agbowa, Hon. Olaitan Mustapha Housing Estate, Ojokoro, Iponri Estate, Suru-Lere and Sangotedo Estate, Eti-Osa and Ajara Estate, Badagry.