Twelve Housing Estates have been dedicated for the implementation of the Rent-To-Own and rental policies of the Lagos State Government.
Commissioner for Housing, Prince Gbolahan Lawal made this known at a press briefing ahead of the official launch of the schemes slated for next week Thursday.
Prince Lawal, who read out the list of the available estates, said that the rent-to-own policy was targeted at low and medium income earners in both the formal and the informal sectors.
According to the Commissioner, interested residents of Lagos State will be required to pay five percent of the total cost of housing unit of choice, while the balance is spread over a period of 10 years.
“This program allows the tenant to live on the property while paying towards ownership at a fixed rent within the period of 10 years; a total of 12 Housing Estates have been dedicated for the implementation of the Rent-To-Own policy,” he stated.
The Estates are: Sir Michael Otedola Estate, Odoragunshin, Epe, CHOIS City, Agbowa Odo-Onosa, Agbowa, Alhaja Adetoun Mustapha Estate, Ojokoro Honourable Olaitan Mustapha Estate, Ojokoro, Egan-Igando Housing Estate, Alimosho, Igando Gardens, Igando – Alimosho, Oba Adeboruwa Estate, Igbogbo – Ikorodu, Igbogbo IIB Housing Estate, Igbogbo – Ikorodu, Iponri Estate, Iponri in Surulere, Sangotedo Estate in Eti-Osa Ajara Estate, Badagry, the policy is to be launched on the 8th December, 2016 simultaneously at the following Estates: Sir Michael Otedola Estate, Odoragunshin, Epe CHOIS City, Agbowa, Alhaja Adetoun Mustapha Estate, Ojokoro, Oba Adeboruwa Estate, Igbogbo – Ikorodu.
On the rental housing policy, Prince Lawal explained that 20 percent of the available estates would also be dedicated for rental housing.
“The rental housing is targeted at the working class and people with regular source of income who may not want to participate in the Rent-To-Own or Mortgage program. Government intends to earmark 20% of the available housing units in each of the dedicated Rent-To-Own estates for Rental Housing; the rent to be paid will be determined by the prevailing rent in each of the locations, while mode of payment will be direct debit by the employer or banker to ensure easy collection, rented accommodation is however not transferable,” he said.
About 6,000 housing units are currently placed on offer to the public but government has said that 20,000 units are being targeted in few years.
He stated that applicants must be primarily resident in Lagos State and would be required to submit a copy of their Lagos State Residents Registration (LASRRA) Card, as applicants must be first time home buyers and must be 21 years old and above.
Prince Lawal stated that applicants must also be tax compliant and provide the proofs of tax payment.
“Applicants must have capacity to pay the 5% commitment fees and must pass the affordability test not more than 33% of the monthly income as rent,” he said.
The forms are available at the following locations: Lagos State Mortgage Board (LagosHOMS) Office;LBIC Building, Ground Floor, Plot 1, Assbifi Road, CBD, Alausa, Ikeja, Lagos), or Ministry of Housing, Block 3 Alausa, Secretariat, Ikeja or Download the form online atwww.lagoshoms.gov.ng.
“The eligibility criteria, application and submission for Rent-To-Own Housing program will also apply,” the Commissioner affirmed.
Fairness in selection
Prince Lawal assured that the selection process would be credible, fair and transparent for both the rent-to-own and the rental housing.
He said that the details would be made available on the day of formal launch.
The policy is to be launched on the 8th December, 2016 simultaneously at the following Estates- Sir Michael Otedola Estate, Odoragunshin, Epe, CHOIS City, Agbowa, Alhaja Adetoun Mustapha Estate, Ojokoro, Oba Adeboruwa Estate, Igbogbo-Ikorodu.