Home Housing LASG reduces monthly payments for first-time homebuyers

LASG reduces monthly payments for first-time homebuyers

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Efforts at encouraging first-time homebuyers in Lagos recently received a boost with the reduction of the monthly payments for houses under the state government’s new scheme.

Commissioner for Housing, Moruf Akinderu-Fatai, made this remark during an event recently in Lagos.

Acccording to him,  the move was to bring many people into the homeownership ladder.

Akinderu-Fatai said the gesture was to meet the housing needs of Lagosians.

For instance the Lagos Homs Igbogbo housing scheme comes with 360 home units, comprising 120 one-bedroom, 120 two- bedrooms, and 120 three- bedrooms homes.

He said with the seven new government-owned housing schemes in various parts of the state, the government is steady, touching base with the people In line with present realities, the conventional mortgage system fostered through our Rent –To – Own scheme will be utilised to a large extent in delivering the homes to the end-users,” he added.

In his remarks, the General Manager, Lagos Mortgage Board (LMB), Mr. Bayowa Foresythe, noted that the state-required 400,000 houses to bridge the shelter gap, making reference to 2018 World Bank statistics.

He said LMB has provided 4,096 affordable housing units, either through a mortgage or Rent-To-Own schemes to over 20,480 people in the past six years of its existence.

“According to him, these housing schemes are spread over the five divisions of the state and in getting these houses, allotees are considered on a first-come-first-serve basis, after meeting the affordability criteria.

He said: “Knowing that one person getting a home translates to an average of five people in a home, you may consider these number of houses provided so far as marginal to the current realities. But

ours is a work–in progress as other partners are also engaging in the same process of providing decent and affordable accommodations with the state government.

“Of recent is the Idale scheme, which is a collaboration between a private sector and the state government in Badagry division of the state with 252 units,” he added.

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