Governor Akinwunmi Ambode of Lagos State has urged residents of the state to take advantage of the Rent-To-Own and Rental Housing policy to become house owners and address lingering housing problems in the state.
Represented by his Deputy, Dr. Idiat Adebule, the governor made the call at the flag-off of the Rent-To-Own and Rental Housing policy in Sir Michael Otedola Estate, Odoragunshin, Epe area of Lagos.
He said that the policy was part of his administration’s strategies to deliver decent and affordable housing to citizens.
Ambode said: “The Rent-To-Own and Rental Housing policy which is being launched today is a milestone in public housing delivery in the state to make life more comfortable and easier for our people.
“I urge Lagosians to take part in the process and I assure you that the selection process will be credible, fair and transparent.”
Also speaking, Gbolahan Lawal, Commissioner for Housing, said the current administration came up with the housing policy to increase the number of residents on home ownership ladder.
He said 12 housing estates spread across the three senatorial districts had been dedicated to the implementation of the policy.
Lawal said: “The Rent-To-Own policy targets the low and medium income earners in both the formal and informal sectors where individuals are required to pay five per cent of the value of the housing unit as commitment fee and the balance is spread over 10 years.
“This programme allows the tenant to live on the property while paying towards ownership at a fixed rent within the period of 10years.
“On the Rental Housing policy, which is to further ensure housing accessibility and affordability in Lagos State, the tenants are however required to pay one month deposit.”
In his remarks, Dehinde Tuwase, General Manager, Lagos Mortgage Board said that interested individuals must be registered residents, tax payers and must have regular source of income.