Housing Deficit: Lagos Begins Allocation of Rent-to-own Schemes

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Gboyega Akinsanmi

The Lagos State Government on Monday allocated rent-to-own housing schemes to 100 beneficiaries, noting that it is a step towards addressing a shortfall of 2.5 million housing deficits in the state.

The state government explained the essence of the rent-to-own housing policy, noting that it simply allows the beneficiaries to pay 5 per cent commitment fee; take possession and pay up the balance towards the ownership of the property in a period of 10 years.

Keys to the rent-to-own housing schemes were presented to the allottees in Alausa, Ikeja, on Monday by the Commissioner for Housing, Mr. Gbolahan Lawal, alongside his Information & Strategy counterpart, Mr. Steve Ayorinde and the General Manager of Lagos State Mortgage Board, Mr. Dehinde Tunwashe, among others.

Details later…