Lagos State Mortgage Board, which oversees the Lagos Home Ownership Mortgage Scheme, also known as LagosHOMS, has allocated over 20,000 housing units to residents since its inception in 2014.
The agency explained in a statement on Thursday that the Lagos State Mortgage Board was inaugurated to bridge the housing deficit in the state by allocating houses to residents, adding that over 20,000 families had benefited from the scheme since its inception.
Following a survey that revealed a huge housing deficit, it said Lagos took steps to address the problem by looking inward for ways to reduce the deficit. It said the state recognised that the cash-and-carry approach would not benefit low- and middle-income earners.
As a result, the state introduced a mortgage scheme and a rent-to-own scheme for low- and middle-income earners, under which beneficiaries are required to pay a particular percentage of the asking price of the property and repay the balance over a 10-year period.
This was revealed by the General Manager/Chief Executive Officer of the Lagos State Mortgage Board, Mr Bayowa Foresythe, during the celebration of his 60th birthday with members of staff in his office.
Foresythe stated that the agency had so far allocated housing units in all five divisions of Lagos, known as IBILE, comprising Ikeja, Badagry, Ikorodu, Lagos Island and Epe.
“On the Island, we have Sangotedo Phase 1 and Phase 11; in Surulere, we have 36 units; in Ikorodu, we have in Igbogbo 360 units, and Ibeshe 420 units; in Epe we have about 360 units; in Ogba, we have 96 and 144 units in Sir Anthony Enahoro Housing Scheme; in Ilupeju, we have Oba Mufutau Olatunji Hamzat Housing Estate, we have 120 units; and over 400 units in Ajara, Badagry. We also have units in Odonosa and Idale, among others. We are still building more.”
Asked when Lagos hoped to finally bridge the housing deficit, he said: “Lagos is attractive, and people come to Lagos on a daily basis, and obviously, if you come to Lagos and you don’t go back, you will need shelter. The demand for accommodation is high, and it continues to keep the deficit high. It’s not static.
“So, the challenge is supply, and it will always be supply as long as people continue to flock into Lagos. Someone who comes into Lagos needs shelter immediately. So the supply side has always been the challenge, and the financial side as well. In building, the government can’t do it alone.
“So, we have to resort to private partnership at the end of the day to be able to increase the supply. In summary, the demand is high, and for the supply to meet the demand is the challenge, because the demand is not static; it keeps shooting up.”
He gave a number of reasons why the project had continued to record success. “First and foremost, I would like to thank God Almighty for sparing my life to this particular age of sixty and for wisdom to carry on. The point is that we enjoy the grace of God. We recognise that he is keeping us alive to do what we are doing.
“I sincerely thank President Bola Tinubu, and Governor of Lagos State, Babajide Olusola Sanwo-Olu. I thank the Deputy Governor, Dr Obafemi Hamzat, who is the incoming governor. He was the Commissioner for Works and Infrastructure who supported the agency when it was inaugurated.”
He said the policy was made favourable for people to participate in by reducing equity contributions and interest rates, while allowing beneficiaries to pay the balance over a period of 10 years.
He also said Governor Sanwo-Olu recently made it simpler for beneficiaries by allowing them to pay off the total sum after six years of payment instead of 10 years.
He, however, said the payment was optional and conditional, explaining that the beneficiary must have a record of uninterrupted payment for over six years.
Again, Foresythe attributed the success of the programme to the policies in place for sustainability, including life and fire insurance, facilities management and support given to LagosHOMS beneficiaries by the agency.
“Citizens should have faith in the government. The government is ready to help its people in the area of welfare, and part of that social welfare is shelter. They have done it before, and they are still doing it.
He further advised LagosHOMS beneficiaries to put in more effort into meeting their financial obligations as and when due so that other residents who are yet to benefit would also benefit from the schemes.
He encouraged everyone to keep paying their taxes and believe in the government, assuring them that the state government was making more efforts to provide affordable homes for its residents.
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