Lagos state governor, Mr Akinwumi Ambode said the proposed housing initiative remains one of the best option put in place to meet with challenges of housing deficits it is phasing in the entire country.
The proposed housing initiatives — a Rent-To-Own and Rental Housing policy is to commence almost immediately.
The Rent-To-Own policy targets the low and medium income earners and requires individuals to pay five per cent of the value of the housing unit, while the balance is spread over a 10-year period.
Rental Housing is targeted at the people with regular income who will be required to pay monthly until the required amount is paid on the house.
The Commissioner for Housing, Gbolahan Lawal, on Thursday, said the government had allocated 20 per cent of the available housing units in each of the Rent-To-Own estates for Rental Housing.
He said the initiative would enable the state government to increase the number of Lagosians living in their own homes and reduce slum settlements.
He said, “Accessing our housing units had been largely on a cash and carry basis, thereby excluding majority of the citizenry until recently when the mortgage scheme was introduced. But a large number are unable to meet the requirements which the mortgage scheme demands. The new initiatives will make houses affordable and accessible to the citizenry.”