The Lagos Home Ownership Mortgage Scheme (Lagos HOMS), built to encourage Low-Income Earners has not been without its own shortcoming. The Scheme which was handed over to Governor Ambode by the preceding Governor has witnessed many phases of developments. No doubt, it has also attracted comments from a lot of social commentators as regarding the cost and some questionings if the scheme was actually meant for low-income earner, which some real estate stakeholders claimed it was too expensive for.
Governor Ambode on his own path is doing his best to make sure that tax paying Lagosians benefit from the scheme. At a point, he broke down the payment to a yearly payment. Later, he broke it down to a monthly payment scheme. Thus, we can sense consistent efforts by him to make the homes available to low-income earners indeed. To ease the tension of the recession, he has slashed the price again.
Due to the economic downturn, Governor Akinwunmi Ambode of Lagos State has slashed price regime of houses under Lagos Home Ownership Mortgage Scheme, Lagos HOMS, to allow residents apply for the scheme specifically when rent-to-own scheme commence December 9. Vanguard gathered that the scheme which commenced under the previous administration was yet to be fully subscribed, even with the introduction of raffle and other strategies earlier.
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With the reduction, two-bedroom flat, which was N7.2 million has been reduced to N3.5 million, while the one bedroom reduced to N2.3 million. Also, the room and parlor unit has also been reduced to N1.5 million. Ambode, who announced the review in prices while inspecting Sir Micheal Otedola Housing Estate in Odoragunshin, Epe and other ongoing construction within the axis on Monday, added that over 1, 000 additional housing units have been injected into the pool of housing units earlier provided by the state government. He explained that due to the economic recession, his administration felt the need to review the housing policies, saying it was the reason for the new policies which we aimed to ensure that housing is affordable to Lagosians.
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Commissioner for Housing, Gbolahan Lawal, stated that the social welfare policy of the present administration in the face of the current economic downturn necessitated the need for the rent-to-own policy.
This is good news for Lagosians who never felt they can ever own an apartment in Lagos.