7th May, 2012
The Lagos State Government says it plans to address housing deficit in Lagos through the Lagos Home Ownership Mortgage Scheme, HOMS, a scheme that will enable Lagosians own their own homes.
Special Adviser to the Governor on Housing, Jimoh Ajao, said the government established the housing scheme with the primary aim of providing affordable houses for Lagosians.
Ajao explained that aside from providing the housing units, government had also provided equity funding on the platform of mortgage financing for the purchase of the homes whereby applicants would become proud owners of houses upon the payment of an equity contribution not exceeding 30% of the price of the housing unit with balance payable over a period of 10-20 years.
He added that the scheme was designed to make housing an affordable goal, saying it is a first time Home Ownership Policy, a “Rent-to-own” policy, which will afford the residents of the state the opportunity to access mortgage financing to purchase houses.
According to him, “the scheme was initially planned to commence with existing stock of housing provided by the ministry but to ensure that it is sustainable and homogeneous, a prototype building was designed to be replicated all over the state and ensure provision of more housing to sustain it.”
The commissioner reiterated government’s readiness to provide land for private developers who were willing and have the resources to develop such estates, especially in consideration of low and medium income houses.
The special adviser said the locations where the scheme was available were Oba Adeboriwa Housing Estate, Igbogbo, Ikorodu; Hon. Olaitan Mustapha and Alhaja Adetoun Mustapha Housing Estate, Ijaiye, Ojokoro; Iloro Housing Estate, Agege; Hon. Rotimi Sotomiwa Housing Estate, Igbogbo, Ikorodu and Sir. Michael Otedola Housing Estate, Odoragunshin, Epe.