Lagos Rent-to-Own Housing Scheme Starts Dec. 8

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(Last Updated On: 2016-12-01)

Oluwatosin Lamidi

 

The State Government has that it would commence the ‘Rent to Own and Rental Housing schemes’ on THursday, December 8 with 12 housing estates.

The State Commissioner for Housing, Gbolahan Lawal, while addressing a news conference in Lagos, said that the policy was in response to yearnings of residents for affordable and decent housing.

Lawal said the `Rent to Own’ policy would target low income earners in both formal and informal sectors, with regular income, such that rent would be deducted from source, while the `Rental Housing’ policy would cover working class.

According to him, the government would kick-start the project with over 1,000 units out of the 3,192 units earmarked in the first phase in Sir Michael Otedola Estate, Odoragunshin-Epe; CHOIS City, Agbowa; Adetoun Mustapha Estate, Ojokoro and Oba Adeboruwa Estate, Igbogbo-Ikorodu.

He said under the Rent-to-own policy, individuals are required to pay 5 per cent value of the housing unit as commitment fee, while the balance towards being ownership would be spread for 10 years.

Lawal explained that interested applicants must be primarily resident in Lagos State, provide Lagos State Residents Registration (LASSRA) Card, must be 21 years old and above first time buyer, must provide evidence of tax payment and must have capacity to pay the 5 per cent commitment fee.

He noted that the rent to be paid would be determined by the prevailing rent in each of the locations while mode of payment would be direct debit by the employer/banker to ensure easy collection, just as he stressed that the rented accommodation is not transferable.

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