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Lagos Rent-To-Own Housing Makes 1,752 Landlords

Lagos State Commissioner for Housing, Moruf Akinderu-Fatai
Lagos State Commissioner for Housing, Moruf Akinderu–Fatai

BEVERLY HILLS, May 11, (THEWILL) – The Lagos State Government on Tuesday said 1,752 families had benefited from its Rent-to-Own policy since the beginning of Governor Babajide Sanwo-Olu’s administration.

The Commissioner for Housing, Moruf Akinderu–Fatai, made this known during the 2021 Ministerial Press Briefing, in commemoration of the second anniversary of Sanwo-Olu in office.

Akinderu–Fatai said that during the period under review, the administration strengthened its policy of delivering homes to Lagos residents through a convenient Mortgage System, tagged “Rent-To-Own.”

He said that under the arrangement, individuals were required to pay only 5 percent of the cost of the housing unit as the commitment fee and the balance being spread over a period of 10 years.

The Commissioner said that during the period, the board of the ministry also engaged in enlightenment programmes, aimed at increasing awareness of the scheme, in order to help more low-income earners access the scheme.

According to him, the ministry has been able to reduce the housing deficit, promote the mortgage culture in Lagos State and keep the default rate to the barest minimum.

He said that the ministry had ensured that existing houses were in clean and habitable condition for the well-being of the residents.

He said: ”Beyond the construction and delivery of new homes, the ministry also engages in various activities to ensure the durability of the structures and intervene through the initiation of renewal processes of some dilapidating Housing Schemes.

”In this regard, the ministry in the past two years engaged in the appointment of facility management outfits to ensure adequate post-construction management and promote sustainability of the facilities within the estates.

”The ministry engaged in the verification of Title Documents and Letters of Allocation for beneficiaries of Lateef Jakande Low-Cost Housing Estate, Ilasan in Eti-Osa Local Government to fast track the process essentially for the regeneration of the estate.

”It also engaged in the reconstruction of roads and rehabilitation of water treatment plant in Abraham Adesanya Housing Estate.”

Akinderu–Fatai said that the ministry initiated the process of renewal of dilapidated estates and engaged in regular interaction and dispute resolution among the facility managers, resident associations and individual occupants in various estates.

He said that the state government was standardising housing estates through the processing of 466 e-Survey plans for processing of Deed of Sub-lease for the individual beneficiary.

According to him, it was the determination of the Sanwo-Olu administration to reduce the number of individuals and families who lacked affordable, decent and quality housing.

He said: “Apart from building more units, in responding to our own challenges in Lagos State, we are determined to upgrade decaying housing stocks and provide more homes for the working-class people who oil the machinery of progress in the State.

”In addition, we are digitising our systems, enhancing the capacity of our artisans and perfecting a financing mechanism that addresses the financial problems of both developers and prospective homeowners.”